Published on 5/12/2022 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $935,000 callable contingent interest barrier notes on stocks
Chicago, May 12 – Toronto-Dominion Bank priced $935,000 of callable contingent interest barrier notes due Oct. 9, 2025 linked to the least performing of the common stocks of Comcast Corp., Walt Disney Co. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent interest payment at the rate of 11.5% per year if each stock closes at or above the coupon barrier price, 80% of the initial share price, on the observation date for that period. Previously unpaid coupons will also be paid.
The notes may be called at par plus any coupon on any quarterly observation date other than the final one.
If the notes are not called, the payout at maturity will be par unless the least performing stock finishes below the barrier price, 50% of the initial share price, in which case investors will be fully exposed to the laggard stock’s decline, payable in shares.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Callable contingent interest barrier notes
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| Underlying stocks: | Comcast Corp., Walt Disney Co. and Netflix, Inc.
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| Amount: | $935,000
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| Maturity: | Oct. 9, 2025
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| Coupon: | 11.5% annual rate, payable each quarter that all stocks close at or above coupon barrier price on the relevant observation date; previously unpaid coupons will also be paid
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline, payable in shares of that stock
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| Call option: | At par plus any coupon on any quarterly observation date other than the final one
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| Initial share prices: | $57.21 for Comcast, $176.01 for Disney, $613.15 for Netflix
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| Coupon barrier levels: | $45.768 for Comcast, $140.808 for Disney, $490.52 for Netflix; 80% of initial levels
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| Barrier levels: | $28.605 for Comcast, $88.005 for Disney, $306.575 for Netflix; 50% of initial levels
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| Equity ratios: | 17.4795 for Comcast, 5.6815 for Disney, 1.6309 for Netflix
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| Pricing date: | Oct. 1, 2021
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| Settlement date: | Oct. 4, 2021
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.85%
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| Cusip: | 89117GCR6
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