Published on 4/27/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $2.07 million market linked contingent autocalls on three indexes
By William Gullotti
Buffalo, N.Y., April 27 – Toronto-Dominion Bank priced $2.07 million of 0% market-linked autocallable securities with contingent downside due March 29, 2027 linked to the Dow Jones industrial average, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent interest payment at the rate of 9.25% per year if each index closes at or above the coupon barrier level, 75% of the initial level, on the observation date for that period.
The notes will be automatically called at par plus the coupon if each index closes at or above initial levels on any quarterly observation date.
The payout at maturity will be par plus the final coupon unless any index falls by more than 25%, 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 indexes: | Dow Jones industrial average, Russell 2000 index, S&P 500 index
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Amount: | $2,065,000
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Maturity: | March 29, 2027
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Coupon: | 9.25% annual rate, payable quarterly if all indexes 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 index falls by more than 25%, in which case full exposure to decline of worst performer from its initial level
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Call: | Automatically at par plus coupon if each index closes at or above initial levels on any quarterly observation date
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Initial level: | 33,274.15 for Dow, 1,802.484 for Russell, 4,109.31 for S&P
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Coupon barrier: | 24,955.6125 for Dow, 1,351.863 for Russell, 3,081.9825 for S&P; 75% of initial levels
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Threshold level: | 24,955.6125 for Dow, 1,351.863 for Russell, 3,081.9825 for S&P; 75% of initial levels
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Pricing date: | March 31
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Settlement date: | April 5
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Agents: | TD Securities (USA) LLC and Wells Fargo Securities
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Fees: | 2.325%
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Cusip: | 89114YS93
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