Published on 5/11/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $1.25 million autocallable contingent interest buffer notes on indexes, ETFs
By Wendy Van Sickle
Columbus, Ohio, May 11 – Toronto-Dominion Bank priced $1.25 million of autocallable contingent interest buffer notes due May 14, 2026 linked to the least performing of the SPDR S&P Bank ETF, the iShares Russell 2000 Value ETF, the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 14% if each asset closes at or above the 50% coupon barrier level on the relevant observation date.
The notes will be called at par plus the coupon if each asset closes at or above its initial level on any monthly call observation date after six months.
The payout at maturity will be par if each asset finishes at or above its 75% buffer level.
Otherwise, investors will lose 1.3333% for each 1% decline of the worst performer beyond 25%.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable contingent interest buffer notes
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| Underlying assets: | iShares Russell 2000 Value ETF, S&P 500 index, SPDR S&P Bank ETF, Nasdaq-100 index
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| Amount: | $1.25 million
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| Maturity: | May 14, 2026
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| Coupon: | 14% annual rate, payable monthly if each asset 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 if each asset finishes at or above final buffer; otherwise, 1.3333% loss for each 1% decline of worst performer beyond 25%
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| Call: | At par plus coupon if each asset closes above initial level on any monthly call observation date after six months
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| Initial levels: | $33.65 for Bank, $132.11 for iShares Russell, 4,136.25 for S&P 500, 13,259.13 for Nasdaq,
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| Coupon barrier levels: | $16.825 for Bank, $66.055 for iShares Russell, 2,068.125 for S&P 500, 6,629.565 for Nasdaq; 50% of initial levels
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| Buffer levels: | $25.2375 for Bank, $99.0825 for iShares Russell, 3,102.1875 for S&P 500, 9,944.3475 for Nasdaq; 75% of initial levels
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| Strike date: | May 5
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| Pricing date: | May 9
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| Settlement date: | May 12
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.1%
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| Cusip: | 89114YXG1
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