Published on 5/23/2018 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $500,000 contingent interest barrier autocallables linked to S&P, Stoxx
By Wendy Van Sickle
Columbus, Ohio, May 23 – Toronto-Dominion Bank priced $500,000 of autocallable contingent interest barrier notes due May 26, 2021 linked to the lesser-performing of the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annual rate of 6% if each index closes at or above the barrier level, 60% of the initial level, on the valuation date for that quarter.
The notes will be called at par if each index closes at or above the level on any valuation date other than the final valuation date.
The payout at maturity will be par unless the lesser performing index finishes below the barrier level, in which case investors will be fully exposed to its decline.
TD Securities (USA) LLC is the underwriter.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable contingent interest barrier notes
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| Underlying indexes: | S&P 500 index and Euro Stoxx 50 index
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| Amount: | $500,000
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| Maturity: | May 26, 2021
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| Coupon: | 6% per year, payable quarterly if each index closes at or above barrier level on valuation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either index finishes below barrier level, in which case full exposure to lesser performing index’s decline
|
| Call: | Automatically at par if each index closes at or above initial level price on any valuation date other than final valuation date
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| Initial level: | 2,733.01 for S&P, 3,572.57 for Stoxx
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| Barrier levels: | 1,639.806 for S&P, 2,143.542 for Stoxx, 60% of initial share price
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| Pricing date: | May 21
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| Settlement date: | May 25
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| Agent: | TD Securities (USA) LLC
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| Fees: | 1%
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| Cusip: | 89114QNJ3
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