Published on 5/18/2022 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $645,000 autocallable contingent interest barrier notes on three stocks
Chicago, May 18 – Toronto-Dominion Bank priced $645,000 of autocallable contingent interest barrier notes due Oct. 30, 2023 linked to the least performing of the common stocks of American Express Co., Mastercard Inc. and Visa Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Quarterly, the notes will pay a contingent interest payment at the rate of 8% per year if each stock closes at or above the coupon barrier price, 67% of the initial share price, on the observation date for that period.
The notes will be called at par plus coupon if each stock closes at or above its initial price on any quarterly observation date.
If the notes are not called, the payout at maturity will be par plus any coupon due unless the least performing stock finishes below the barrier price, 65% of the initial share price, in which case investors will be fully exposed to the laggard stock’s decline.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable contingent interest barrier notes
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| Underlying stocks: | American Express Co., Mastercard Inc. and Visa Inc.
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| Amount: | $645,000
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| Maturity: | Oct. 30, 2023
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| Coupon: | 8% annual rate, payable quarterly if each stock closes at or above coupon barrier level on relevant observation date
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| Price: | Par
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| Payout at maturity: | Par plus any coupon due unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline
|
| Call: | Automatically at par plus coupon if each stock closes at or above its initial level on any quarterly observation date
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| Initial share prices: | $182.31 for AmEx, $360.86 for Mastercard, $233.88 for Visa
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| Coupon barrier levels: | $122.1477 for AmEx, $241.7762 for Mastercard, $156.6996 for Visa; 67% of initial levels
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| Barrier levels: | $118.5015 for AmEx, $234.559 for Mastercard, $152.022 for Visa; 65% of initial levels
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| Strike date: | Oct. 25, 2021
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| Pricing date: | Oct. 26, 2021
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| Settlement date: | Oct. 29, 2021
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| Agent: | TD Securities (USA) LLC
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| Fees: | 2.167%
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| Cusip: | 89114TU67
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