By William Gullotti
Buffalo, N.Y., Aug. 9 – Toronto-Dominion Bank priced $1.79 million of callable contingent interest barrier notes due July 31, 2026 linked to the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual interest payment at the rate of 8% per year if the ETF closes at or above the coupon barrier price, 70% of the initial share price, on the observation date for that period.
The notes may be called at par plus any coupon due on any semiannual observation date.
If the notes are not called, the payout at maturity will be par plus the final coupon unless the ETF finishes below the barrier price, 70% of the initial share price, in which case investors will lose 1% for every 1% that the ETF declines from its initial share price.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Callable contingent interest barrier notes
|
| Underlying fund: | SPDR S&P 500 ETF Trust
|
| Amount: | $1,785,000
|
| Maturity: | July 31, 2026
|
| Coupon: | 8% annual rate, payable semiannually if the ETF closes at or above barrier price on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus the final coupon unless underlying ETF finishes below barrier price, in which case investors will lose 1% for every 1% decline from initial share price
|
| Call option: | At par plus any coupon due on any semiannual observation date
|
| Initial share price: | $452.49
|
| Coupon barrier level: | $316.743; 70% of initial level
|
| Barrier level: | $316.743; 70% of initial level
|
| Strike date: | July 27
|
| Pricing date: | July 28
|
| Settlement date: | Aug. 2
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 1.96%
|
| Cusip: | 89115F5A5
|
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