Published on 10/27/2023 in the Prospect News Structured Products Daily.
New Issue: TD sells $2.75 million callable contingent interest barrier notes on S&P, Nasdaq, Russell
Chicago, Oct. 27 – Toronto-Dominion Bank priced $2.75 million of callable contingent interest barrier notes due Oct. 22, 2026 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 monthly coupon at an annual rate of 9.2% if each index closes at or above the 70% contingent interest barrier level on the relevant observation date. Previously unpaid coupons will also be paid.
The notes will be callable at par plus any coupon due on any monthly observation date starting after one year.
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: | Callable 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: | $2,753,000
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Maturity: | Oct. 22, 2026
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Coupon: | 9.2% annual rate, payable monthly if each index closes at or above contingent interest barrier level on the corresponding observation date; previously unpaid coupons will also be paid
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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 option: | At par plus any coupon due on any monthly observation date starting after one year
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Initial levels: | 14,909.26 for Nasdaq, 1,728.809 for Russell, 4,314.60 for S&P
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Coupon barrier levels: | 10,436.482 for Nasdaq, 1,210.1663 for Russell, 3,020.22 for S&P; 70% of initial levels
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Barrier levels: | 8,945.556 for Nasdaq, 1,037.2854 for Russell, 2,588.76 for S&P; 60% of initial levels
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Pricing date: | Oct. 18
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Settlement date: | Oct. 23
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Agent: | TD Securities (USA) LLC
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Fees: | 0.75%
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Cusip: | 89115FF63
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