Published on 11/1/2018 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $1.31 million contingent interest barrier autocalls on indexes
By Sarah Lizee
Olympia, Wash., Nov. 1 – Toronto-Dominion Bank priced $1.31 million of autocallable contingent interest barrier notes due Oct. 28, 2020 linked to the lesser-performing of the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 7.75% per year if each index closes at or above the barrier level, 75% of the initial level, on the valuation date for that quarter.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly call observation date beginning on April 26, 2019.
The payout at maturity will be par plus the contingent coupon unless either index finishes below the barrier level, in which case investors will be fully exposed to the laggard index’s decline.
TD Securities (USA) LLC is the underwriter.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest barrier notes
|
| Underlying indexes: | Euro Stoxx 50 index and Russell 2000 index
|
| Amount: | $1,314,000
|
| Maturity: | Oct. 28, 2020
|
| Coupon: | 7.75% per year, payable quarterly if each index closes at or above barrier level on each day that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below barrier level, in which case full exposure to lesser performing index’s decline
|
| Call: | Beginning April 26, 2019, automatically at par if each index closes at or above initial level price on any valuation date other than final valuation date
|
| Initial level: | 1,483.821 for Russell, 3,134.89 for Stoxx
|
| Barrier levels: | 1,112.866 for Russell, 2,351.17 for Stoxx, 75% of initial levels
|
| Pricing date: | Oct. 26
|
| Settlement date: | Oct. 31
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 2%
|
| Cusip: | 89114QRN0
|
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