Published on 7/2/2018 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $2.54 million 9% contingent interest autocalls tied to gold, oil funds
By Susanna Moon
Chicago, July 2 – Toronto-Dominion Bank priced $2.54 million of autocallable contingent interest barrier notes due June 29, 2023 linked to the lesser performing of the VanEck Vectors Gold Miners ETF and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9% if each underlying asset closes at or above its 60% coupon barrier on the review date for that quarter.
The notes are called at par if each fund closes at or above its initial level on any determination date after six months.
The payout at maturity will be par unless either underlying fund finishes below 60% trigger level, in which case investors will be fully exposed to any losses of the worse performing fund.
TD Securities (USA) LLC and Jefferies LLC are the underwriters.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable contingent interest barrier notes
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| Underlying funds: | VanEck Vectors Gold Miners ETF, SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $2,541,000
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| Maturity: | June 29, 2023
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| Coupon: | 9% annualized, payable quarterly if each fund closes at or above 60% coupon barrier on review date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either index falls by more than 40%, in which case 1% loss for each 1% decline of worse performing index
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| Call: | At par plus contingent coupon if each index closes at or above initial level on any quarterly valuation date
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| Initial levels: | $21.95 for gold fund, $42.46 for oil fund
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| Barrier levels: | $13.17 for gold fund, $25.476 for oil fund, 60% of initial levels
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| Pricing date: | June 26
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| Settlement date: | June 29
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| Agents: | TD Securities (USA) LLC and Jefferies LLC
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| Fees: | 3.5%
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| Cusip: | 89114QNN4
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