By William Gullotti
Buffalo, N.Y., Jan. 17 – Toronto-Dominion Bank priced $1.5 million of 11.04% reverse convertible notes due Jan. 26, 2024 linked to the iShares 20+ Year Treasury Bond ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable at maturity.
If the ETF finishes at or above the initial level, the payout at maturity will be par.
Otherwise, investors will receive a number of shares equal to $10,000 divided by the ETF’s initial level.
TD Securities (USA) LLC is the agent with JPMorgan Securities LLC and JPMorgan Chase Bank, NA as placement agents.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Reverse convertible notes
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| Underlying fund: | iShares 20+ Year Treasury Bond ETF
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| Amount: | $1.5 million
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| Maturity: | Jan. 26, 2024
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| Coupon: | 11.04%, payable at maturity
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| Price: | Par of $10,000
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| Payout at maturity: | If ETF finishes at or above initial level, par plus coupon payment; otherwise, coupon payment plus 96.1631 shares per note
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| Initial level: | $103.99
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| Strike date: | Jan. 10
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| Pricing date: | Jan. 12
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| Settlement date: | Jan. 18
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| Agent: | TD Securities (USA) LLC
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| Placement agents: | JPMorgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 1%
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| Cusip: | 89117GDN4
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