Published on 12/3/2019 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $1.07 million contingent interest barrier autocallables linked to stocks
By Wendy Van Sickle
Columbus, Ohio, Dec. 3 – Toronto-Dominion Bank priced $1.07 million of autocallable contingent interest barrier notes due Nov. 24, 2021 linked to the least performing of the common stock of American Express Co., MasterCard Inc. and Visa Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annual rate of 8% if each stock closes at or above its interest barrier value, 65% of its initial share price, on the valuation date for that quarter.
The notes will be called at par if each stock closes at or above its initial share price on any quarterly valuation date.
The payout at maturity will be par unless any stock finishes below its barrier value, 60% of its initial value, in which case investors will be fully exposed to the decline of the least-performing stock.
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 stocks: | American Express Co. (Symbol: AXP), MasterCard Inc. (Symbol: MA) and Visa Inc. (Symbol: V)
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| Amount: | $1,071,000
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| Maturity: | Nov. 24, 2021
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| Coupon: | 8% per year, payable quarterly if stocks close at or above interest barrier values on valuation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below barrier value, in which case full exposure to least-performing stock’s decline
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| Call: | Automatically at par if each stock closes at or above initial share price on any quarterly valuation date
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| Initial share prices: | $119.06 for American Express, $282.57 for MasterCard and $179.47 for Visa
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| Interest barrier values: | $77.389 for American Express, $183.6705 for MasterCard and $116.6555 for Visa, or 65% of initial share prices
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| Barrier values: | $71.436 for American Express, $169.542 for MasterCard and $107.682 for Visa, or 65% of initial share prices
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| Pricing date: | Nov. 22
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| Settlement date: | Nov. 27
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| Agent: | TD Securities (USA) LLC
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| Fees: | 1.9122%
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| Cusip: | 89114R5V4
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