Published on 10/8/2019 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $1.5 million fixed interest barrier autocalls on credit card stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 8 – Toronto-Dominion Bank priced $1.5 million of 8.3% autocallable fixed interest barrier notes due Sept. 29, 2021 linked to the shares of American Express Co., MasterCard Inc., Discover Financial Services and Visa Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be called at par plus the fixed coupon if the shares of each stock close at or above the initial share price on any quarterly call observation date after six months.
The payout at maturity will be par plus the fixed coupon unless the 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 underwriter.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable fixed interest barrier notes
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| Underlying stocks: | American Express Co., MasterCard Inc., Discover Financial Services and Visa Inc.
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| Amount: | $1.5 million
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| Maturity: | Sept. 29, 2021
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| Coupon: | Each quarter, notes pay fixed coupon at rate of 8.3% per year
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| Price: | Par
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| Payout at maturity: | Par plus fixed coupon 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 fixed coupon if shares of each stock close at or above initial share price on any quarterly call observation date after six months
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| Initial share prices: | $118.59 for American Express, $269.13 for MasterCard, $81.51 for Discover, $174.00 for Visa
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| Barrier prices: | $77.0835 for American Express, $174.9345 for MasterCard, $52.9815 | for Discover, $113.10 for Visa, 65% of initial share prices
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| Pricing date: | Sept. 27
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| Settlement date: | Oct. 2
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3%
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| Cusip: | 891160SB0
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