Published on 10/13/2020 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $2.44 million contingent interest barrier autocalls on ETFs
By Wendy Van Sickle
Columbus, Ohio, Oct. 13 – Toronto-Dominion Bank priced $2.44 million of autocallable contingent interest barrier notes due Oct. 5, 2023 linked to the least performing of the SPDR Dow Jones industrial average ETF, the Invesco QQQ Trust, Series 1 and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
Each six months, the notes will pay a contingent coupon at an annual rate of 7% if each ETF closes at or above the 60% coupon barrier level on the observation date for that quarter.
The notes will be called at par if each ETF closes at or above its initial price on any semiannual observation date other than the final one.
If the notes are not called, the payout at maturity will be par unless any ETF finishes below the 60% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing ETF.
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 ETFs: | SPDR Dow Jones industrial average ETF, Invesco QQQ Trust, Series 1 and SPDR S&P 500 ETF Trust
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Amount: | $2,437,000
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Maturity: | Oct. 5, 2023
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Coupon: | 7%, payable semiannually if each ETF closes at or above coupon barrier level on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless any ETF finishes below barrier level, in which case 1% loss for each 1% decline of least-performing ETF
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Call: | At par if each ETF closes at or above its initial price on any semiannual observation date other than final one
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Initial levels: | $274.42 for Dow, $275.95 for Invesco, $332.37 for S&P
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Coupon barrier levels: | $164.652 for Dow, $165.57 for Invesco, $199.42 for S&P; 60% of initial levels
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Barrier levels: | $164.652 for Dow, $165.57 for Invesco, $199.42 for S&P; 60% of initial levels
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Pricing date: | Sept. 30
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Settlement date: | Oct. 5
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Agent: | TD Securities (USA) LLC
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Fees: | 1.62%
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Cusip: | 89114RUH7
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