Published on 2/5/2020 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $1.93 million contingent interest barrier autocalls on Dow, Nasdaq
By Sarah Lizee
Olympia, Wash., Feb. 5 – Toronto-Dominion Bank priced $1.93 million of autocallable contingent interest barrier notes due Aug. 2, 2021 linked to the lesser-performing of the Dow Jones industrial average and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annual rate of 5.78% if each index closes at or above the barrier level, 70% of the initial level, on the observation that quarter.
The notes will be called at par if each index closes at or above the level on any quarterly valuation date.
The payout at maturity will be par plus the coupon unless either index ever closes below the barrier level on any day during the life of the notes, in which case investors will be fully exposed to the lesser performing index’s decline.
TD Securities (USA) LLC is the underwriter.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest barrier notes
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| Underlying indexes: | Dow Jones industrial average and Nasdaq-100 index
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| Amount: | $1,926,000
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| Maturity: | Aug. 2, 2021
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| Coupon: | 5.78% per year, payable quarterly if each index closes at or above barrier level on observation date that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless either index ever closes below the barrier level on any day during the life of the notes, in which case investors will be fully exposed to the lesser performing index’s decline
|
| Call: | Automatically at par if each index closes at or above initial level price on any valuation date
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| Initial level: | 28,734.45 for Dow, 9,101.613 for Nasdaq
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| Barrier levels: | 20,114.115 for Dow, 6,371.1291 for Nasdaq, 70% of initial levels
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| Pricing date: | Jan. 29
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| Settlement date: | Jan. 31
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| Agent: | TD Securities (USA) LLC
|
| Fees: | 1.75%
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| Cusip: | 89114RCE4
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