Published on 5/8/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $3.9 million autocallable contingent interest barrier notes on indexes
By Wendy Van Sickle
Columbus, Ohio, May 8 – Toronto-Dominion Bank priced $3.9 million of autocallable contingent interest barrier notes due Feb. 7, 2025 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.88% if each index closes at or above the 70% coupon barrier level on the relevant observation date.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any quarterly call observation date.
The payout at maturity will be par plus any final coupon if each index finishes at or above the 60% barrier level. Otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable contingent interest barrier notes
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| Underlying indexes: | S&P 500 index, Russell 2000 index, Dow Jones industrial average
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| Amount: | $3,902,000
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| Maturity: | Feb. 7, 2025
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| Coupon: | 9.88% annual rate, payable quarterly if each index closes at or above coupon barrier level the corresponding observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each index finishes at or above final barrier; otherwise, 1% loss for each 1% decline of worst performer from initial level
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| Call: | At par plus coupon if each index closes above initial level on any quarterly call observation date
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| Initial levels: | 4,061.22 for S&P, 1,718.811 for Russell, 33,127.74 for Dow
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| Coupon barrier levels: | 2,842.854 for S&P, 1,203.1677 for Russell, 23,189.418 for Dow; 70% of initial levels
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| Barrier levels: | 2,842.854 for S&P, 1,203.1677 for Russell, 23,189.418 for Dow; 70% of initial levels
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| Pricing date: | May 4
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| Settlement date: | May 9
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.7%
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| Cusip: | 89114YWV9
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