Published on 12/24/2019 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $2.99 million contingent interest barrier autocallable on three ETFs
By Wendy Van Sickle
Columbus, Ohio, Dec. 24 – Toronto-Dominion Bank priced $2.99 million of autocallable contingent interest barrier notes due Dec. 22, 2021 linked to the least performing of the iShares Russell 2000 ETF, the Invesco QQQ Trust, Series 1 and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 8.25% if each ETF closes at or above the 70% coupon barrier level on the observation date for that quarter.
The notes will be called at par plus the coupon if each ETF closes at or above its initial price on any quarterly observation date.
The payout at maturity will be par unless any ETF finishes below the 70% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing ETF.
TD Securities (USA) LLC is the agent.
Issuer: | Toronto-Dominion Bank
|
Issue: | Autocallable contingent interest barrier notes
|
Underlying ETFs: | iShares Russell 2000 ETF, the Invesco QQQ Trust, Series 1 and the SPDR S&P 500 ETF Trust
|
Amount: | $2,986,000
|
Maturity: | Dec. 22, 2021
|
Coupon: | 8.25%, payable quarterly if each ETF closes at or above coupon barrier level on observation date for that quarter
|
Price: | Par of $1,000
|
Payout at maturity: | Par unless any ETF finishes below barrier level, in which case 1% loss for each 1% decline of least-performing ETF
|
Call: | At par plus coupon if each ETF closes at or above its initial price on any quarterly observation date
|
Initial levels: | $165.02 for Russell, $209.55 for QQQ, $319.59 for S&P
|
Coupon/barrier levels: | $115.514 for Russell, $146.685 for QQQ, $223.713 for S&P; 70% of initial levels
|
Pricing date: | Dec. 19
|
Settlement date: | Dec. 24
|
Agent: | TD Securities (USA) LLC
|
Fees: | 0.825%
|
Cusip: | 89114RAQ9
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.