Published on 12/19/2022 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $2.17 million 16% fixed interest barrier autocalls on three stocks
By William Gullotti
Buffalo, N.Y., Dec. 19 – Toronto-Dominion Bank priced $2.17 million of 16% autocallable fixed-interest barrier notes due Jan. 19, 2024 linked to the stocks of Apple Inc., Bank of America Corp. and Berkshire Hathaway Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus the coupon if the shares of each stock close at or above the initial share price on any monthly call observation date after three months.
The payout at maturity will be par plus the coupon unless any stock finishes below the barrier price, 70% of the initial share price, in which case investors will be fully exposed to the decline of that stock from its initial share price.
TD Securities (USA) LLC is the underwriter.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable fixed interest barrier notes
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| Underlying stocks: | Apple Inc., Bank of America Corp. and Berkshire Hathaway Inc.
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| Amount: | $2,167,000
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| Maturity: | Jan. 19, 2024
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| Coupon: | 16% annual rate, payable monthly
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| Price: | Par
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| Payout at maturity: | Par plus coupon unless any stock finishes below barrier price, in which case full exposure to the worst performer’s decline from initial share price
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| Call: | Automatically at par plus coupon if shares of each stock close at or above initial share price on any monthly call observation date after three months
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| Initial share prices: | $143.21 for Apple, $32.28 for BofA, $309.29 for Berkshire Hathaway
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| Barrier levels: | $100.247 for Apple, $22.596 for BofA, $216.503 for Berkshire Hathaway; 70% of initial share prices
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| Pricing date: | Dec. 14
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| Settlement date: | Dec. 19
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| Agent: | TD Securities (USA) LLC
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| Fees: | 1%
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| Cusip: | 89114YJG7
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