Published on 3/24/2022 in the Prospect News Structured Products Daily.
New Issue: TD prices $480,000 of autocallable contingent interest barrier notes on four stocks
By Kiku Steinfeld
Chicago, March 24 – Toronto-Dominion Bank priced $480,000 of autocallable contingent interest barrier notes due Sept. 25, 2024 linked to the least performing of the common stocks of Mastercard Inc., Visa, Inc., JPMorgan Chase & Co. and PayPal Holdings, 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 8.1% per year if each stock closes at or above the coupon barrier price, 65% of the initial share price, on the observation date for that period.
The notes will be called at par plus any contingent interest payment if the shares of each stock close at or above their initial prices on any quarterly observation date.
If the notes are not called, the payout at maturity will be par the contingent interest payment due unless the least performing stock finishes below the barrier price, 65% of the initial share price, in which case investors will be fully exposed to the laggard stock’s decline.
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: | Mastercard Inc., Visa, Inc., JPMorgan Chase & Co. and PayPal Holdings, Inc.
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| Amount: | $480,000
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| Maturity: | Sept. 25, 2024
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| Coupon: | 8.1% annual rate, payable quarterly if all stocks close at or above their coupon barrier prices on the relevant observation date
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| Price: | Par
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| Payout at maturity: | Par plus the contingent interest payment due unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline
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| Call: | Automatically at par plus contingent interest payment if each stock closes at or above its initial share price on any quarterly observation date
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| Initial share prices: | $157.68 for JPMorgan, $343.04 for Mastercard, $276.34 for PayPal, $221.75 for Visa
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| Coupon barrier prices: | $102.492 for JPMorgan, $222.976 for Mastercard, $179.621 for PayPal, $144.1375 for Visa; 65% of initial levels
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| Barrier value prices: | $102.492 for JPMorgan, $222.976 for Mastercard, $179.621 for PayPal, $144.1375 for Visa; 65% of initial levels
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| Pricing date: | Sept. 20
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| Settlement date: | Sept. 23
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| Agent: | TD Securities (USA) LLC
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| Fees: | 2.6%
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| Cusip: | 89114TS37
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