Published on 10/5/2022 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $1.69 million market linked contingent autocalls on three tech stocks
By William Gullotti
Buffalo, N.Y., Oct. 5 – Toronto-Dominion Bank priced $1.69 million of 0% market-linked autocallable securities with contingent downside due Sept. 29, 2025 linked to the stock performance of Apple Inc., Amazon.com, Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent interest payment at the rate of 12.8% per year if each stock closes at or above the coupon barrier level, 60% of the initial level, on the observation date for that period.
The notes will be automatically called at par plus the coupon if each stock closes at or above initial levels on any monthly observation date after six months.
The payout at maturity will be par plus the final coupon unless any stock falls by more than 40%, in which case investors will be fully exposed to the decline of the worst performer from its initial level.
TD Securities (USA) LLC and Wells Fargo Securities are the agents.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Market-linked autocallable securities with contingent coupon and contingent downside
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| Underlying stocks: | Apple Inc., Amazon.com, Inc., Microsoft Corp.
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| Amount: | $1,687,000
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| Maturity: | Sept. 29, 2025
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| Coupon: | 12.8% annual rate, payable monthly if all stocks close at or above their coupon barrier levels on the relevant observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon unless any stock falls by more than 40%, in which case full exposure to decline of worst performer from its initial level
|
| Call: | Automatically at par plus coupon if each stock closes at or above initial levels on any monthly observation date after six months
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| Initial level: | $138.20 for Apple, $113.00 for Amazon, $232.90 for Microsoft
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| Coupon barrier: | $82.92 for Apple, $67.80 for Amazon, $139.74 for Microsoft; 60% of initial levels
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| Threshold level: | $82.92 for Apple, $67.80 for Amazon, $139.74 for Microsoft; 60% of initial levels
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| Pricing date: | Sept. 30
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| Settlement date: | Oct. 5
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| Agents: | TD Securities (USA) LLC and Wells Fargo Securities
|
| Fees: | 2.125%
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| Cusip: | 89114YDA6
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