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TD Bank to price contingent interest barrier autocallables tied to stocks
By Sarah Lizee
Olympia, Wash., Aug. 20 – Toronto-Dominion Bank plans to price autocallable contingent interest barrier notes due March 3, 2021 linked to the least performing of the common stocks of Marathon Petroleum Corp., Baker Hughes and Valero Energy Corp., 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, 60% of its initial share price, on the valuation date for that quarter. The contingent coupon rate is expected to be 15.8% to 17.8% per year and will be set at pricing.
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.
TD Securities (USA) LLC is the underwriter.
The notes will price Aug. 30.
The Cusip number is 89114Q4W5.
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