Published on 2/28/2022 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $3.82 million autocallable contingent interest barrier notes on four stocks
Chicago, Feb. 28 – Toronto-Dominion Bank priced $3.82 million of autocallable contingent interest barrier notes due April 26, 2024 linked to the least performing of the stocks of Morgan Stanley, Amazon.com, Inc., Nvidia Corp. and PayPal Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly interest payment at the rate of 8.76% per year if each stock closes at or above the coupon barrier price, 60% of the initial share price, on the observation date for that period. Previously unpaid coupons will also be paid.
The notes will be called at par plus the contingent interest payment if the shares of each stock close at or above their initial price on any monthly observation date starting after six months.
If the notes are not called, the payout at maturity will be par plus the final contingent interest payment if each stock finishes at or above the 60% of its initial share price. Otherwise, investors will be fully exposed to the laggard stock’s decline from its initial share price.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest barrier notes
|
| Underlying stocks: | Morgan Stanley, Amazon.com, Inc., Nvidia Corp. and PayPal Holdings, Inc.
|
| Amount: | $3,815,000
|
| Maturity: | April 26, 2024
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| Coupon: | 8.76% annual rate, payable monthly if all stocks close at or above their coupon barrier prices on the relevant observation date; previously unpaid coupons will also be paid
|
| Price: | Par
|
| Payout at maturity: | Par plus the final coupon if all stocks finish at or above barrier value price; otherwise, lose 1% for every 1% decline of the worst performer from its initial share price
|
| Call: | Automatically at par plus contingent interest payment if each stock closes at or above its initial level on any monthly observation date after six months
|
| Initial share prices: | $3,340.88 for Amazon, $80.95 for Morgan Stanley, $610.61 for Nvidia, $266.03 for PayPal
|
| Coupon barrier prices: | $2,004.528 for Amazon, $48.57 for Morgan Stanley, $366.366 for Nvidia, $159.618 for PayPal; 60% of initial levels
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| Barrier value prices: | $2,004.528 for Amazon, $48.57 for Morgan Stanley, $366.366 for Nvidia, $159.618 for PayPal; 60% of initial levels
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| Pricing date: | April 23, 2021
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| Settlement date: | April 28, 2021
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.8324%
|
| Cusip: | 89114TFY3
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