Published on 10/16/2019 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $1.35 million autocallable contingent interest barrier notes on Russell, S&P
By Kiku Steinfeld
Chicago, Oct. 16 – Toronto-Dominion Bank priced $1.35 million of autocallable contingent interest barrier notes due Sept. 29, 2021 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent interest payment at an annual rate of 6.08% if each index closes at or above its barrier value, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the contingent interest payment if each index closes at or above its initial level on any quarterly observation date beginning on March 25, 2020 and ending on June 25, 2021.
The payout at maturity will be par plus the contingent interest payment unless either index finishes below its 70% barrier value, in which case investors will be fully exposed to its decline from its initial level.
TD Securities (USA) LLC is the agent.
| 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: | $1,345,000
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| Maturity: | Sept. 29, 2021
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| Coupon: | 6.08% per year, payable quarterly if indexes close at or above barrier values on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent interest payment unless either index closes below its barrier value, in which case investors will be fully exposed to its decline
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| Call: | Automatically at par plus contingent interest if each index closes at or above initial level on any quarterly observation date beginning on March 25, 2020 and ending on June 25, 2021
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| Initial index levels: | 1,550.654 for Russell and 2,984.87 for S&P
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| Barrier values: | 1,085.4578 for Russell and 2,089.4090 for S&P; 70% of initial levels
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| Pricing date: | Sept. 25
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| Settlement date: | Sept. 30
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| Agent: | TD Securities (USA) LLC
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| Fees: | 2.4%
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| Cusip: | 89114Q6B9
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