New Issue: TD Bank sells $19.25 million digital notes linked to S&P 500

By Wendy Van Sickle

Columbus, Ohio, June 1 – Toronto-Dominion Bank priced $19.25 million of 0% digital notes due April 16, 2020 linked to the S&P 500 index, according to a 424B3 filing with the Securities and Exchange Commission.

If the final index level is greater than or equal to 87.5% of the initial index level, the payout at maturity will be par plus the digital return of 13.6%.

If the index falls by more than 15%, investors will lose 1.1429% for every 1% decline beyond 12.5%.

TD Securities (USA) LLC is the agent.

Issuer:	Toronto-Dominion Bank
Issue:	Digital notes
Underlying index:	S&P 500
Amount:	$19,251,000
Maturity:	April 16, 2020
Coupon:	0%
Price:	Par
Payout at maturity:	If final index level is greater than or equal to 87.5% of initial level, par plus 13.6%; otherwise, 1.1429% loss for every 1% that index declines beyond 12.5%
Initial level:	2,721.33
Threshold level:	2,381.16375, 87.5% of initial level
Pricing date:	May 25
Settlement date:	June 4
Underwriter:	TD Securities (USA) LLC
Fees:	None
Cusip:	89114QNF1

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