Published on 12/19/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $1.18 million contingent market-linked autocalls tied to three stocks
By Wendy Van Sickle
Columbus, Ohio, Dec. 19 – Toronto-Dominion Bank priced $1.18 million of market-linked securities –callable with contingent coupon and contingent downside due Dec. 18, 2026 linked to the common stocks of Costco Wholesale Corp., Dollar General Corp. and Altria Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent interest payment at the rate of 18.4% per year if each stock closes at or above the coupon threshold level, 70% of the initial level, on the observation date for that period.
The notes will be callable at par plus the coupon on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon if each stock finishes at or above its 65% downside threshold level. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
TD Securities (USA) LLC and Wells Fargo Securities, LLC are the agents.
Issuer: | Toronto-Dominion Bank
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Issue: | Market-linked securities – callable with contingent coupon and contingent downside
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Underlying stocks: | Costco Wholesale Corp., Dollar General Corp. and Altria Group, Inc.
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Amount: | $1.18 million
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Maturity: | Dec. 18, 2026
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Coupon: | 18.4% annual rate, payable quarterly if all stocks close at or above their coupon threshold levels on the relevant observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon if each stock finishes at or above downside threshold; otherwise, 1% loss for each 1% decline of worst performer from initial level
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Call: | Callable at par plus coupon on any quarterly observation date after six months
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Initial levels: | $658.82 for Costco, $129.98 for Dollar General, $41.75 for Altria
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Coupon thresholds: | $461.174 for Costco, $90.986 for Dollar General $29.225 for Altria, 70% of initial levels
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Downside thresholds: | $461.174 for Costco, $90.986 for Dollar General $29.225 for Altria, 70% of initial levels
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Pricing date: | Dec. 15
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Settlement date: | Dec. 20
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Agents: | TD Securities (USA) LLC and Wells Fargo Securities, LLC
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Fees: | 2.325%
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Cusip: | 89115FHW4
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