Published on 10/15/2023 in the Prospect News Structured Products Daily.
New Issue: TD prices $313,000 callable contingent interest barrier notes on Nasdaq, S&P
By Kiku Steinfeld
Chicago, Oct. 16 – Toronto-Dominion Bank priced $313,000 of callable contingent interest barrier notes due April 2, 2026 linked to the least performing of the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 18.93% if each index closes at or above the 75% contingent interest barrier level on the observation date for that quarter.
The notes will be callable at par on any quarterly observation date after six months.
The payout at maturity will be par unless any index finishes below the 75% barrier level, in which case investors will lose 1% for each 1% decline of the lesser-performing index from its initial level.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Callable contingent interest barrier notes
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| Underlying indexes: | Nasdaq-100 index and S&P 500 index
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| Amount: | $313,000
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| Maturity: | April 2, 2026
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| Coupon: | 8.93%, payable quarterly if each index closes at or above contingent interest barrier level on observation date for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless any index finishes below barrier level, in which case 1% loss for each 1% decline of lesser-performing index from initial level
|
| Call option: | At par on any quarterly observation date after six months
|
| Initial levels: | 12,610.57 for Nasdaq, 3,971.27 for S&P
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| Interest barrier levels: | 9,457.9275 for Nasdaq, 2,978.4525 for S&P; 75% of initial levels
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| Barrier levels: | 9,457.9275 for Nasdaq, 2,978.4525 for S&P; 75% of initial levels
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| Pricing date: | March 28, 2023
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| Settlement date: | March 31, 2023
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| Agent: | TD Securities (USA) LLC
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| Fees: | 2.5%
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| Cusip: | 89114YSP7
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