Published on 10/9/2023 in the Prospect News Structured Products Daily.
New Issue: TD sells $618,000 autocallable contingent interest barrier notes on S&P, Nasdaq, Russell
By Kiku Steinfeld
Chicago, Oct. 9 – Toronto-Dominion Bank priced $618,000 of autocallable contingent interest barrier notes due June 27, 2024 linked to the least performing of the S&P 500 index, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.5% if each index closes at or above the 70% contingent interest barrier level on the relevant observation date.
The notes will be callable at par on any quarterly observation date after six months if each index closes at or above its initial level.
The payout at maturity will be par each index finishes at or above its 70% barrier level. Otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level.
TD Securities (USA) LLC is the agent.
Issuer: | Toronto-Dominion Bank
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Issue: | Autocallable contingent interest barrier notes
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Underlying indexes: | S&P 500 index, Nasdaq-100 index, Russell 2000 index
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Amount: | $618,000
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Maturity: | June 27, 2024
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Coupon: | 10.5% annual rate, payable quarterly if each index 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 if each index finishes at or above final barrier; otherwise, 1% loss for each 1% decline of least-performing index from initial level
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Call: | At par on any quarterly observation date after six months if each index closes at or above its initial level
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Initial levels: | 12,767.05 for Nasdaq, 1,734.923 for Russell, 3,970.99 for S&P
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Coupon barrier levels: | 8,936.935 for Nasdaq, 1,214.4461 for Russell, 2,779.693 for S&P; 70% of initial levels
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Barrier levels: | 8,936.935 for Nasdaq, 1,214.4461 for Russell, 2,779.693 for S&P; 70% of initial levels
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Pricing date: | March 24, 2023
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Settlement date: | March 29, 2023
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Agent: | TD Securities (USA) LLC
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Fees: | 0.65%
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Cusip: | 89114YTY7
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