Published on 7/3/2019 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $775,000 contingent interest barrier autocallable on three ETFs
By Sarah Lizee
Olympia, Wash., July 3 – Toronto-Dominion Bank priced $775,000 of autocallable contingent interest barrier notes due June 30, 2021 linked to the least performing of the PowerShares QQQ Trust, series 1, the SPDR S&P 500 ETF trust and the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 9.5% if each ETF closes at or above the 70% coupon barrier level on the observation date for that quarter.
The notes will be called at par plus the coupon if each ETF closes at or above 95% of its initial price on any quarterly observation date.
The payout at maturity will be par unless any ETF finishes below the 70% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing ETF.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest barrier notes
|
| Underlying ETFs: | PowerShares QQQ Trust, series 1, the SPDR S&P 500 ETF trust and the SPDR S&P Biotech ETF
|
| Amount: | $775,000
|
| Maturity: | June 30, 2021
|
| Coupon: | 9.5%, payable quarterly if each ETF closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par unless any ETF finishes below barrier level, in which case 1% loss for each 1% decline of least-performing ETF
|
| Call: | At par plus coupon if each ETF closes at or above 95% of its initial price on any quarterly observation date
|
| Initial levels: | $185.79 for QQQ, $290.47 for S&P 500, $83.80 for Biotech
|
| Coupon/barrier levels: | $130.053 for QQQ, $203.329 for S&P 500, $58.66 for Biotech; 70% of initial levels
|
| Pricing date: | June 26
|
| Settlement date: | June 28
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 3%
|
| Cusip: | 891160RW5
|
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