Published on 6/4/2019 in the Prospect News Structured Products Daily.
New Issue: TD sells $4.15 million contingent interest barrier autocalls on three stocks
By Wendy Van Sickle
Columbus, Ohio, June 4 – Toronto-Dominion Bank priced $4.15 million of autocallable contingent interest barrier notes due June 2, 2022 linked to the shares of Cisco Systems, Inc., salesforce.com, inc. and E*TRADE Financial Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 9.9% per year if each stock closes at or above the coupon barrier price, 60% of the initial share price, on the valuation date for that month.
The notes will be called at par plus the contingent coupon if the shares of each stock close at or above 95% of the initial share price on any quarterly call observation date.
The payout at maturity will be par plus the contingent coupon unless the stock finishes below the barrier price, 60% of the initial share price, in which case investors will be fully exposed to the laggard stock’s 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 stocks: | Cisco Systems, Inc., salesforce.com, inc. and E*TRADE Financial Corp.
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| Amount: | $4,147,000
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| Maturity: | June 2, 2022
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| Coupon: | Each month, notes pay contingent coupon at rate of 9.9% per year if all shares close at or above coupon barrier price on valuation date
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline
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| Call: | Automatically at par plus contingent coupon if shares of each stock close at or above 95% of initial share price on any quarterly call observation date
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| Initial share prices: | $53.93 for Cisco, $115.19 for salesforce, $45.68 for E*TRADE
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| Barrier prices: | $32.358 for Cisco, $93.114 for salesforce, $27.408 for E*TRADE, 60% of initial share prices
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| Coupon barrier prices: | $32.358 for Cisco, $93.114 for salesforce, $27.408 for E*TRADE, 60% of initial share prices
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| Pricing date: | May 28
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| Settlement date: | May 31
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.5%
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| Cusip: | 89114QR42
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