Published on 2/1/2022 in the Prospect News Structured Products Daily.
New Issue: TD sells $550,000 callable contingent interest barrier notes on three ETFs
By Kiku Steinfeld
Chicago, Feb. 1 – Toronto-Dominion Bank priced $550,000 of callable contingent interest barrier notes due July 26, 2022 linked to the performance of the Invesco QQQ Trust, Series 1, the iShares Russell 2000 ETF and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 5% if each ETF closes at or above the 65% contingent interest barrier level on either of two quarterly observation dates.
The notes will be callable at par on any quarterly observation date.
The payout at maturity will be par unless any ETF finishes below the 65% barrier level, in which case investors will lose 1% for each 1% decline of the lesser-performing ETF from its initial level.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Callable contingent interest barrier notes
|
| Underlying funds: | iShares Russell 2000 ETF, SPDR S&P 500 ETF Trust, Invesco QQQ Trust, Series 1
|
| Amount: | $550,000
|
| Maturity: | July 26, 2022
|
| Coupon: | 5% annual rate, payable quarterly if each ETF closes at or above contingent interest barrier level on the corresponding observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any ETF finishes below barrier level, in which case 1% loss for each 1% decline of least-performing ETF from initial level
|
| Call option: | At par on any quarterly observation date
|
| Initial levels: | $361.72 for QQQ, $200.75 for iShares, $446.75 for SPDR
|
| Barrier levels: | $235.118 for QQQ, $130.4875 for iShares, $290.3875 for SPDR; 65% of initial levels
|
| Pricing date: | Jan. 21
|
| Settlement date: | Jan. 26
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 0.7718%
|
| Cusip: | 89114V2M8
|
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