Published on 5/25/2022 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $510,000 autocallable contingent interest barrier notes on Baidu, JD
By Kiku Steinfeld
Chicago, May 25 – Toronto-Dominion Bank priced $510,000 of autocallable contingent interest barrier notes due Oct. 23, 2024 linked to the American depositary receipts of Baidu, Inc. and JD.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Quarterly, the notes will pay a contingent interest payment at the rate of 11.39% per year if each stock closes at or above the coupon barrier price, 60% of the initial share price, on the observation date for that period.
The notes will be called at par plus coupon if each stock closes at or above its initial price on any quarterly observation date.
If the notes are not called, the payout at maturity will be par unless the least performing stock finishes below the barrier price, 60% of the initial share price, in which case investors will be fully exposed to the laggard stock’s decline from its initial share price.
TD Securities (USA) LLC is the agent.
Issuer: | Toronto-Dominion Bank
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Issue: | Autocallable contingent interest barrier notes
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Underlying stocks: | Baidu, Inc., JD.com, Inc.
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Amount: | $510,000
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Maturity: | Oct. 23, 2024
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Coupon: | 11.39% annual rate, payable quarterly if each stock closes at or above coupon barrier level on relevant observation date
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Price: | Par
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Payout at maturity: | Par unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline from its initial share price
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Call: | Automatically at par plus coupon if each stock closes at or above its initial level on any quarterly observation date
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Initial share prices: | $171.04 for Baidu, $82.42 for JD
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Coupon barrier levels: | $102.624 for Baidu, $49.452 for JD; 60% of initial levels
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Barrier levels: | $$102.624 for Baidu, $49.452 for JD; 60% of initial levels
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Pricing date: | Oct. 18, 2021
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Settlement date: | Oct. 21, 2021
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Agent: | TD Securities (USA) LLC
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Fees: | 3.5%
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Cusip: | 89114TTS1
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