Published on 4/4/2022 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $2.47 million of autocallable contingent interest barrier notes on funds
By William Gullotti
Buffalo, N.Y., April 4 – Toronto-Dominion Bank priced $2.47 million of autocallable contingent interest barrier notes due May 11, 2023 linked to the least performing of iShares Russell 2000 ETF, the Invesco QQQ Trust, Series 1 and the SPDR S&P 500 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Quarterly, the notes will pay a contingent interest payment at the rate of 7% per year if each fund closes at or above the coupon barrier price, 70% of the initial share price, on the observation date for that period.
The notes will be called at par plus the contingent interest payment if the shares of each fund close at or above their initial prices on any quarterly observation date.
If the notes are not called, the payout at maturity will be par plus any contingent interest payment due unless the least performing fund finishes below the barrier price, 65% of the initial share price, in which case investors will be fully exposed to the laggard fund’s decline.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest barrier notes
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| Underlying funds: | iShares Russell 2000 ETF, Invesco QQQ Trust, Series 1 and SPDR S&P 500 ETF
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| Amount: | $2,470,000
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| Maturity: | May 11, 2023
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| Coupon: | 7% annual rate, payable quarterly if all funds close at or above their coupon barrier prices on the relevant observation date
|
| Price: | Par
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| Payout at maturity: | Par plus any contingent interest payment due unless any fund finishes below barrier price, in which case full exposure to laggard fund’s decline
|
| Call: | Automatically at par plus contingent interest payment if each fund closes at or above its initial share price on any quarterly observation date
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| Initial share prices: | $222.40 for iShares, $329.03 for Invesco, $415.75 for SPDR
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| Coupon barrier prices: | $155.68 for iShares, $230.321 for Invesco, $291.025 for SPDR; 70% of initial levels
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| Barrier value prices: | $144.56 for iShares, $213.8695 for Invesco, $270.2375 for SPDR; 65% of initial levels
|
| Pricing date: | May 6, 2021
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| Settlement date: | May 11, 2021
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| Agent: | TD Securities (USA) LLC
|
| Fees: | 1.1609%
|
| Cusip: | 89114TJ37
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