Published on 10/5/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $1.18 million market linked contingent autocalls on three stocks
By William Gullotti
Buffalo, N.Y., Oct. 5 – Toronto-Dominion Bank priced $1.18 million of 0% market-linked autocallable securities with contingent downside due Sept. 29, 2026 linked to the stock performance of JPMorgan Chase & Co., Eli Lilly and Co. and Lockheed Martin Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent interest payment at the rate of 11.05% per year if each stock closes at or above the coupon barrier level, 70% of the initial level, on the observation date for that period.
The notes will be automatically called at par plus the coupon if each stock closes at or above initial levels on any monthly observation date after six months.
The payout at maturity will be par plus the final coupon if each stock finishes at or above its coupon barrier.
If the worst performer finishes below its coupon barrier but at or above its 60% threshold, the payout will be par. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
TD Securities (USA) LLC and Wells Fargo Securities are the agents.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Market-linked autocallable securities with contingent coupon and contingent downside
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| Underlying stocks: | JPMorgan Chase & Co., Eli Lilly and Co., Lockheed Martin Corp.
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| Amount: | $1,177,000
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| Maturity: | Sept. 29, 2026
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| Coupon: | 11.05% annual rate, payable monthly if all stocks close at or above their coupon barrier levels on the relevant observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each stock finishes at or above coupon barrier; if worst performer finishes below coupon barrier but at or above threshold level, par; otherwise, full exposure to decline of worst performer from its initial level
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| Call: | Automatically at par plus coupon if each stock closes at or above initial levels on any monthly observation date after six months
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| Initial level: | $145.02 for JPMorgan, $537.13 for Eli Lilly, $408.96 for Lockheed Martin
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| Coupon barrier: | $101.514 for JPMorgan, $375.991 for Eli Lilly, $286.272 for Lockheed Martin; 70% of initial levels
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| Threshold level: | $87.012 for JPMorgan, $322.278 for Eli Lilly, $245.376 for Lockheed Martin; 60% of initial levels
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| Pricing date: | Sept. 29
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| Settlement date: | Oct. 4
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| Agents: | TD Securities (USA) LLC and Wells Fargo Securities
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| Fees: | 2.425%
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| Cusip: | 89115FCS8
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