TD Bank eyes contingent interest barrier autocallables on two stocks

By Sarah Lizee

Olympia, Wash., Jan. 13 – Toronto-Dominion Bank plans to price autocallable contingent interest barrier notes due July 25, 2022 linked to the lesser performing of the common stocks of American Express Co. and ViacomCBS Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes pay a contingent coupon if each stock closes at or above its barrier value, 65% of its initial share price, on the valuation date for that quarter. The contingent coupon rate is expected to be 7.74% per year and will be set at pricing.

The notes will be called at par if each stock closes at or above 95% of 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 lesser-performing stock.

TD Securities (USA) LLC is the underwriter.

The notes will price Jan. 21.

The Cusip number is 89114RBP0.

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