Published on 6/8/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $799,000 callable contingent interest barrier notes linked to indexes
By Angela McDaniels
Tacoma, Wash., June 8 – Toronto-Dominion Bank priced $799,000 of callable contingent interest barrier notes due July 17, 2025 linked to the Dow Jones industrial average, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 14.11% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The notes are callable quarterly at par.
The payout at maturity will be par unless the least-performing index finishes below its barrier level, 70% of its initial level, in which case investors will be exposed to the decline of the least-performing index.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Callable contingent interest barrier notes
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| Underlying indexes: | Dow Jones industrial average, Nasdaq-100 index and Russell 2000 index
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| Amount: | $799,000
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| Maturity: | July 17, 2025
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| Coupon: | 14.11% per year, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless least-performing index finishes below barrier level, in which case exposure to decline of lesser-performing index
|
| Call option: | Quarterly at par
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| Initial levels: | 30,630.17 for Dow, 11,768.40 for Nasdaq and 1,707.505 for Russell
|
| Coupon barrier levels: | 21,411.119 for Dow, 8,237.88 for Nasdaq and 1,195.2535 for Russell, or 70% of initial levels
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| Barrier levels: | 21,411.119 for Dow, 8,237.88 for Nasdaq and 1,195.2535 for Russell, or 70% of initial levels
|
| Pricing date: | July 14, 2022
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| Settlement date: | July 19, 2022
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.55%
|
| Cusip: | 89114Y6Y2
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