Published on 8/2/2019 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $352,000 contingent interest barrier autocalls on Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Aug. 2 – Toronto-Dominion Bank priced $352,000 of autocallable contingent interest barrier notes due July 28, 2021 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B5 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 its barrier value, 75% of its initial level, on the valuation date for that quarter.
Starting Jan. 26, the notes will be called at par if each index closes at or above its initial level on any quarterly valuation date.
The payout at maturity will be par unless either index finishes below its barrier value, in which case investors will be fully exposed to the decline of the lesser-performing index.
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: | Russell 2000 and S&P 500
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| Amount: | $352,000
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| Maturity: | July 28, 2021
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| Coupon: | 6% per year, payable quarterly if indexes close at or above barrier values 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 value, in which case full exposure to lesser-performing index’s decline
|
| Call: | Automatically at par if each index closes at or above initial level on any quarterly valuation date starting on Jan. 26
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| Initial index levels: | 1,578.967 for Russell 2000 and 3,025.86 for S&P 500
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| Barrier values: | 1,184.22525 for Russell 2000 and 2,269.395 for S&P 500; 75% of initial levels
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| Pricing date: | July 26
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| Settlement date: | July 31
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| Agent: | TD Securities (USA) LLC
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| Fees: | 2%
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| Cusip: | 89114Q2A5
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