Published on 8/26/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $898,000 callable contingent interest barrier notes linked to indexes
By Kiku Steinfeld
Chicago, Aug. 28 – Toronto-Dominion Bank priced $898,000 of callable contingent interest barrier notes due March 4, 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 month, the notes will pay a contingent coupon at the rate of 11.78% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that month.
The notes are callable monthly after six months 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: | $898,000
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| Maturity: | March 4, 2025
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| Coupon: | 11.78% per year, payable monthly if each index closes at or above coupon barrier level on observation date for that month
|
| 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: | Monthly after six months at par
|
| Initial levels: | 32,889.09 for Dow, 12,057.79 for Nasdaq and 1,896.269 for Russell
|
| Coupon barrier levels: | 23,022.363 for Dow, 8,440.453 for Nasdaq and 1,327.3883 for Russell, or 70% of initial levels
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| Barrier levels: | 23,022.363 for Dow, 8,440.453 for Nasdaq and 1,327.3883 for Russell, or 70% of initial levels
|
| Pricing date: | Feb. 27, 2023
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| Settlement date: | March 2, 2023
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.65%
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| Cusip: | 89114YR52
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