Published on 9/26/2022 in the Prospect News Structured Products Daily.
New Issue: TD sells $2.22 million callable contingent interest barrier notes on S&P, Dow
By Wendy Van Sickle
Columbus, Ohio, Sept. 26 – Toronto-Dominion Bank priced $2.22 million of callable contingent interest barrier notes due Sept. 25, 2024 linked to the least performing of the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10% if each index closes at or above the 75% 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 after six months.
The payout at maturity will be par plus the final coupon if each index finishes at or above its 75% 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
|
| Issue: | Callable contingent interest barrier notes
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| Underlying indexes: | S&P 500 index, Dow Jones industrial average
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| Amount: | $2,218,000
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| Maturity: | Sept. 25, 2024
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| Coupon: | 10% annual rate, payable quarterly if each index closes at or above contingent interest barrier level on the corresponding observation date
|
| Price: | Par
|
| 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
|
| Call option: | At par plus any coupon due on any quarterly observation date after six months
|
| Initial levels: | 3,855.93 for S&P, 30,706.23 for Dow
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| Coupon barrier levels: | 2,891.9475 for S&P, 23,029.6725 for Dow; 75% of initial levels
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| Barrier levels: | 2,891.9475 for S&P, 23,029.6725 for Dow; 75% of initial levels
|
| Pricing date: | Sept. 20
|
| Settlement date: | Sept. 23
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 1.75%
|
| Cusip: | 89114YD65
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