Published on 5/16/2019 in the Prospect News Structured Products Daily.
New Issue: TD sells $1.28 million contingent interest barrier autocalls on credit card stocks
By Sarah Lizee
Olympia, Wash., May 16 – Toronto-Dominion Bank priced $1.28 million of autocallable contingent interest barrier notes due May 19, 2021 linked to the shares 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 coupon 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 the shares of each stock close at or above the initial share price on any quarterly call observation date.
The payout at maturity will be par plus the contingent coupon unless the 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.
TD Securities (USA) LLC is the underwriter.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest barrier notes
|
| Underlying stocks: | American Express Co., MasterCard Inc. and Visa Inc.
|
| Amount: | $1,275,000
|
| Maturity: | May 19, 2021
|
| Coupon: | Each quarter, notes pay contingent coupon at rate of 8% per year if all shares close at or above coupon barrier price on valuation date
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline
|
| Call: | Automatically at par plus contingent coupon if shares of each stock close at or above initial share price on any quarterly call observation date
|
| Initial share prices: | $117.66 for American Express, $249.15 for MasterCard, $162.79 for Visa
|
| Barrier prices: | $76.4790 for American Express, $161.9475 for MasterCard, $105.8135 for Visa, 65% of initial share prices
|
| Coupon barrier prices: | $70.5960 for American Express, $149.4900 for MasterCard, $97.6740 for Visa, 60% of initial share prices
|
| Pricing date: | May 15
|
| Settlement date: | May 20
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 2.01%
|
| Cusip: | 89114QS82
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