By William Gullotti
Buffalo, N.Y., Jan. 17 – Toronto-Dominion Bank priced $1.5 million of reverse convertible notes due July 13, 2023 linked to the iShares 20+ Year Treasury Bond ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a coupon equal to 6.69% of par at maturity. The interest rate is 4.46% on an annualized basis.
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: | July 13, 2023
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| Coupon: | 4.46% per year, or 6.69% for the term of the notes; 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, receive 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: | 0.5%
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| Cusip: | 89117GDM6
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