Published on 4/18/2022 in the Prospect News Structured Products Daily.
New Issue: TD sells $1.28 million contingent interest barrier autocalls on credit card stocks
By Kiku Steinfeld
Chicago, Feb. 16 – Toronto-Dominion Bank priced $1.28 million of autocallable contingent interest barrier notes due Sept. 6, 2024 linked to the common stocks of American Express Co., Mastercard Inc. and Visa Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 8% per year if each stock closes at or above the barrier price, 65% of the initial share price, on the valuation date for that quarter.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial share price on any quarterly call observation date.
The payout at maturity will be par plus the contingent coupon unless the least-performing stock finishes below its barrier 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: | American Express Co., Mastercard Incorp. and Visa Inc.
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| Amount: | $1,281,000
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| Maturity: | Sept. 6, 2024
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| Coupon: | 8% per year, paid quarterly if each stock closes at or above barrier price on relevant observation date
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| Price: | Par
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| Payout at maturity: | Par plus contingent interest payment 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 initial price on any quarterly call observation date
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| Initial share prices: | $162.05 for AmEx, $341.28 for Mastercard, $224.18 for Visa
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| Barrier prices: | $105.3325 for AmEx, $221.832 for Mastercard, $145.717 for Visa; 65% of initial share prices
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| Strike date: | Sept. 2, 2021
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| Pricing date: | Sept. 3, 2021
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| Settlement date: | Sept. 9, 2021
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| Agent: | TD Securities (USA) LLC
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| Fees: | 2.017%
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| Cusip: | 89114TRB0
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