Published on 7/20/2022 in the Prospect News Structured Products Daily.
New Issue: TD sells $1.1 million callable contingent interest barrier notes on S&P, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, July 20 – Toronto-Dominion Bank priced $1.1 million of callable contingent interest barrier notes due April 20, 2023 linked to the least performing of the S&P 500 index and the Nasdaq-100 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 12.1% 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 70% barrier level. 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
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| Amount: | $1.1 million
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| Maturity: | April 20, 2023
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| Coupon: | 12.1% 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 barrier level; otherwise, 1% loss for each 1% decline of worst performer from initial level
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| Call option: | At par plus any coupon due on any monthly observation date after three months
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| Initial levels: | 3,863.16 for S&P, 11,983.62 for Nasdaq
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| Coupon barrier levels: | 2,704.212 for S&P, 8,388.534 for Nasdaq; 70% of initial levels
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| Barrier levels: | 2,704.212 for S&P, 8,388.534 for Nasdaq; 70% 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
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| Fees: | 0.6%
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| Cusip: | 89114Y7J4
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