TD Bank plans contingent interest barrier notes linked to indexes

By Angela McDaniels

Tacoma, Wash., Oct. 25 – Toronto-Dominion Bank plans to price autocallable contingent interest barrier notes due Nov. 30, 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 coupon if each index closes at or above its barrier value, 70% of its initial level, on the valuation date for that quarter. The contingent coupon rate is expected to be 6% per year and will be set at pricing.

Beginning May 25, 2020, 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 exposed to the decline of the lesser-performing index.

TD Securities (USA) LLC is the underwriter.

The notes will price Nov. 25.

The Cusip number is 89114R4C7.

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