Published on 10/16/2019 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $2.24 million autocallable contingent interest barrier notes on three stocks
By Kiku Steinfeld
Chicago, Oct. 16 – Toronto-Dominion Bank priced $2.24 million of autocallable contingent interest barrier notes due Sept. 28, 2022 linked to the common stocks of Apple Inc., Amazon.com, Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent interest payment at the rate of 14.2% per year if each stock closes at or above the barrier price, 60% of the initial share price, on the observation date for that quarter.
The notes will be called at par plus the contingent interest payment if the shares of each stock close at or above the initial price on any quarterly call observation date other than the final one.
The payout at maturity will be par plus any contingent interest payment due unless the least performing stock finishes below the barrier price, in which case investors will be fully exposed to the laggard stock’s decline.
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 stocks: | Apple Inc., Amazon.com, Inc. and Netflix, Inc.
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| Amount: | $2,238,000
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| Maturity: | Sept. 28, 2022
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| Coupon: | Each quarter, notes pay contingent interest at rate of 14.2% per year if all shares close at or above barrier price on the relevant observation date other than final one
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| Price: | Par
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| Payout at maturity: | Par plus any contingent interest payment due 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 interest payment if shares of each stock close at or above initial price on any quarterly call observation date
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| Initial share prices: | $221.03 for Apple, $1,768.33 for Amazon, $264.75 for Netflix
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| Barrier prices: | $132.618 for Apple, $1,060.998 for Amazon, $158.850 for Netflix; 60% of initial share prices
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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: | 3.25%
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| Cusip: | 89114Q6C7
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