TD Bank plans contingent interest barrier autocallables tied to stocks

By Angela McDaniels

Tacoma, Wash., Dec. 16 – Toronto-Dominion Bank plans to price autocallable contingent interest barrier notes due Dec. 28, 2022 linked to the least performing of the common stocks of General Motors Co., Progressive Corp. and Qualcomm Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Each month, the notes will pay a contingent coupon if each stock closes at or above its barrier value, 50% of its initial share price, on the valuation date for that month. The contingent coupon rate is expected to be 10.25% and will be set at pricing.

Beginning June 23, 2020, 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, in which case investors will be fully exposed to the decline of the least-performing stock from its initial share price.

TD Securities (USA) LLC is the underwriter.

The notes will price Dec. 23.

The Cusip number is 89114R6M3.

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