By William Gullotti
Buffalo, N.Y., April 4 – Toronto-Dominion Bank priced $1.53 million of autocallable contingent interest barrier notes with memory interest due May 18, 2022 linked to the common stock of Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual 11.56% rate if the stock closes at or above the 75% contingent interest barrier level on the observation date for that period, in which case a coupon will also be paid for any previously unpaid quarter.
The notes will be automatically called at par plus any coupon due if the stock closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par plus any coupon due unless the stock finishes below the 75% barrier level, in which case investors will lose 1% for each 1% decline.
TD Securities (USA) LLC is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are acting as placement agents.
Issuer: | Toronto-Dominion Bank
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Issue: | Autocallable contingent interest barrier notes with memory interest
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Underlying stock: | Microsoft Corp.
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Amount: | $1,525,000
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Maturity: | May 18, 2022
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Coupon: | 11.56% annual rate, payable quarterly if the stock closes at or above contingent interest barrier level on observation date for that period, in which case a coupon will also be paid for any previously unpaid quarter
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Price: | Par
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Payout at maturity: | Par plus any coupon due unless the stock finishes below barrier level, in which case 1% loss for each 1% decline from initial level
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Call: | Automatically at par plus coupon if the stock closes at or above initial level on any quarterly observation date
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Initial level: | $252.18
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Interest barrier level: | $189.135; 75% of initial level
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Barrier price: | $189.135; 75% of initial level
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Pricing date: | May 3, 2021
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Settlement date: | May 6, 2021
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Agent: | TD Securities (USA) LLC
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Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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Fees: | 1%
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Cusip: | 89114THR6
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