Published on 5/18/2022 in the Prospect News Structured Products Daily.
New Issue: TD sells $1.84 million callable contingent interest barrier notes on S&P, Russell
By William Gullotti
Buffalo, N.Y., May 18 – Toronto-Dominion Bank priced $1.84 million of callable contingent interest barrier notes due May 16, 2024 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.6% if each index closes at or above the 60% contingent interest barrier level on the relevant observation date.
The notes will be callable at par plus any coupon due on any quarterly observation date.
The payout at maturity will be par plus the final coupon unless any index finishes below the 60% barrier level, in which case investors will lose 1% for each 1% decline of the lesser-performing index from its initial level.
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 indexes: | S&P 500 index, Russell 2000 index
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Amount: | $1,841,000
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Maturity: | May 16, 2024
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Coupon: | 9.6% annual rate, payable quarterly if each index closes at or above contingent interest barrier level on the corresponding observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon unless any index finishes below barrier level, in which case 1% loss for each 1% decline of least-performing index from initial level
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Call option: | At par plus any coupon due on any quarterly observation date
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Initial levels: | 4,023.89 for S&P, 1,792.666 for Russell
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Coupon barrier levels: | 2,414.334 for S&P, 1,075.5996 for Russell; 60% of initial levels
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Barrier levels: | 2,414.334 for S&P, 1,075.5996 for Russell; 60% of initial levels
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Strike date: | May 13
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Pricing date: | May 16
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Settlement date: | May 19
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Agent: | TD Securities (USA) LLC
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Fees: | 0.25%
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Cusip: | 89114Y3B5
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