Published on 12/13/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $1.42 million autocallable contingent interest barrier notes on three ETFs
By William Gullotti
Buffalo, N.Y., Dec. 13 – Toronto-Dominion Bank priced $1.42 million of autocallable contingent interest barrier notes due Dec. 10, 2026 linked to the least performing of the iShares Russell 2000 ETF, the Invesco QQQ Trust, Series 1 and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of 8.75% if each fund closes at or above the 65% contingent interest barrier level on the relevant observation date.
The notes will be called at par plus the coupon if each fund closes at or above its initial level on any semiannual call observation date.
The payout at maturity will be par plus the final coupon unless any fund finishes below the 65% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing fund 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 funds: | iShares Russell 2000 ETF, Invesco QQQ Trust, Series 1, SPDR S&P 500 ETF Trust
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Amount: | $1.42 million
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Maturity: | Dec. 10, 2026
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Coupon: | 8.75% annual rate, payable semiannually if each fund closes at or above contingent interest barrier level on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par plus final coupon unless any fund finishes below barrier level, in which case 1% loss for each 1% decline of least-performing fund from initial level
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Call: | At par plus coupon if each fund closes at or above initial level on any semiannual call observation date
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Initial levels: | $184.06 for iShares, $385.05 for Invesco, $454.76 for SPDR
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Coupon barrier levels: | $119.639 for iShares, $250.2825 for Invesco, $295.594 for SPDR; 65% of initial levels
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Barrier levels: | $119.639 for iShares, $250.2825 for Invesco, $295.594 for SPDR; 65% of initial levels
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Strike date: | Dec. 6
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Pricing date: | Dec. 7
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Settlement date: | Dec. 12
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Agent: | TD Securities (USA) LLC
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Fees: | 1.362%
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Cusip: | 89115FKL4
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