Published on 7/19/2022 in the Prospect News Structured Products Daily.
New Issue: TD sells $3.74 million callable contingent interest barrier notes on S&P, Nasdaq, Russell
By William Gullotti
Buffalo, N.Y., July 19 – Toronto-Dominion Bank priced $3.74 million of callable contingent interest barrier notes due July 18, 2025 linked to the least performing of the S&P 500 index, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 11% if each index closes at or above the 70% contingent interest barrier level on the relevant observation date.
The notes will be callable at par plus any coupon due on any monthly observation date after three months.
The payout at maturity will be par plus the final coupon if each index finishes at or above its contingent interest barrier.
If the worst performer finishes below its contingent interest barrier but not below the 50% barrier level, the payout will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performer 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, Nasdaq-100 index, Russell 2000 index
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| Amount: | $3,735,000
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| Maturity: | July 18, 2025
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| Coupon: | 11% annual rate, payable monthly 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 if each index finishes at or above coupon barrier level; if worst performer finishes below coupon barrier but at or above 50% barrier level, par; otherwise, 1% loss for each 1% decline of worst performer from initial level
|
| Call option: | At par plus any coupon due on any monthly observation date after three months
|
| Initial levels: | 3,863.16 for S&P, 11,983.62 for Nasdaq, 1,744.373 for Russell
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| Coupon barrier levels: | 2,704.212 for S&P, 8,388.534 for Nasdaq, 1,221.0611 for Russell; 70% of initial levels
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| Barrier levels: | 1,931.58 for S&P, 5,991.81 for Nasdaq, 872.1865 for Russell; 50% of initial levels
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| Pricing date: | July 15
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| Settlement date: | July 20
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| Agent: | TD Securities (USA) LLC
|
| Fees: | 0.2584%
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| Cusip: | 89114Y6T3
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