Published on 6/1/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $3.43 million callable contingent interest barrier notes on three ETFs
By William Gullotti
Buffalo, N.Y., June 1 – Toronto-Dominion Bank priced $3.43 million of callable contingent interest barrier notes due May 30, 2025 linked to the performance of the Invesco QQQ Trust, Series 1, the iShares Russell 2000 ETF and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 10.8% if each ETF closes at or above the 60% contingent interest barrier level on the corresponding observation date.
The notes will be callable at par plus any coupon due on any quarterly observation date.
The payout at maturity will be par plus the final coupon unless any ETF finishes below the 60% barrier level, in which case investors will lose 1% for each 1% decline of the lesser-performing ETF from its initial level.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Callable contingent interest barrier notes
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| Underlying funds: | iShares Russell 2000 ETF, SPDR S&P 500 ETF Trust, Invesco QQQ Trust, Series 1
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| Amount: | $3.43 million
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| Maturity: | May 30, 2025
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| Coupon: | 10.8% annual rate, payable quarterly if each ETF closes at or above contingent interest barrier level on the corresponding observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon unless any ETF finishes below barrier level, in which case 1% loss for each 1% decline of least-performing ETF from initial level
|
| Call option: | At par plus any coupon due on any quarterly observation date
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| Initial levels: | $333.36 for QQQ, $177.42 for iShares, $414.09 for SPDR
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| Coupon barrier levels: | $200.016 for QQQ, $106.452 for iShares, $248.454 for SPDR; 60% of initial levels
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| Barrier levels: | $200.016 for QQQ, $106.452 for iShares, $248.454 for SPDR; 60% of initial levels
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| Strike date: | May 23
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| Pricing date: | May 25
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| Settlement date: | May 31
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.3%
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| Cusip: | 89114YYB1
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