Published on 12/6/2023 in the Prospect News Structured Products Daily.
New Issue: TD sells $1.16 million callable contingent interest barrier notes on Dow, S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, Dec. 6 – Toronto-Dominion Bank priced $1.16 million of callable contingent interest barrier notes due Dec. 3, 2027 linked to the least performing of the Dow Jones industrial average, the S&P 500 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 8.65% 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 plus any coupon due on any quarterly observation date after six months.
The payout at maturity will be par each index finishes at or above its 60% 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: | Dow Jones industrial average, S&P 500 index, Russell 2000 index
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Amount: | $1.16 million
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Maturity: | Dec. 3, 2027
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Coupon: | 8.65% 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 option: | At par plus any coupon due on any quarterly observation date after six months
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Initial levels: | 4,567.8 for S&P, 1,809.02 for Russell, 35,950.89 for Dow
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Coupon barrier levels: | 3,197.46 for S&P, 1,266.314 for Russell, 25,165.623 for Dow; 70% of initial levels
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Barrier levels: | 2,740.68 for S&P, 1,085.412 for Russell, 21,570.534 for Dow; 60% of initial levels
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Pricing date: | Nov. 30
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Settlement date: | Dec. 5
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Agent: | TD Securities (USA) LLC
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Fees: | 0.75%
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Cusip: | 89115FHX2
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