Published on 1/14/2024 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $400,000 8.75% callable fixed interest barrier notes on S&P, Nasdaq
By Kiku Steinfeld
Chicago, Jan. 16 – Toronto-Dominion Bank $400,000 of 8.75% callable fixed interest barrier notes due May 2, 2024 linked to the performance of the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes may be called at par plus the contingent coupon on any monthly call observation date after six months.
The payout at maturity will be par unless the worst performer finishes below its barrier level, 70% of the initial level, in which case investors will be fully exposed to the decline of that index from its initial level.
TD Securities (USA) LLC is the underwriter.
Issuer: | Toronto-Dominion Bank
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Issue: | Callable fixed interest barrier notes
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Underlying indexes: | Nasdaq-100 index, S&P 500 index
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Amount: | $400,000
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Maturity: | May 2, 2024
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Coupon: | 8.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless worst performing index finishes below barrier, in which case full exposure to decline of that index from initial level
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Call option: | At par plus coupon on any monthly call observation date after six months
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Initial levels: | 13,160.03 for Nasdaq, 4,135.35 for S&P
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Barrier levels: | 9,212.021 for Nasdaq, 2,894.745 for S&P; 70% of initial levels
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Pricing date: | April 27, 2023
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Settlement date: | May 2, 2023
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Agent: | TD Securities (USA) LLC
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Fees: | 0.85%
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Cusip: | 89114YW72
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