Published on 10/12/2020 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $2.73 million contingent interest buffered autocallables linked to stocks
Kiku Steinfeld
Chicago, Oct. 12 – Toronto-Dominion Bank priced $2.73 million of autocallable contingent interest buffered notes due Oct 5, 2023 linked to the least performing of the common stocks of Adobe Inc., Discover Financial Services, FedEx Corp. and Nvidia Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a contingent coupon at an annual rate of 14.6443% if each stock closes at or above its interest barrier value, 70% of its initial level, on the valuation date for that month.
The notes will be called at par if each stock closes at or above its initial level on any quarterly valuation date after six months.
The payout at maturity will be par unless any stock finishes below its buffer value, 70% of its initial level, in which case investors will be fully exposed to the decline of the least-performing stock beyond the buffer.
TD Securities (USA) LLC is the underwriter.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest buffered notes
|
| Underlying stocks: | Adobe Inc., Discover Financial Services, FedEx Corp. and Nvidia Corp.
|
| Amount: | $2,732,000
|
| Maturity: | Oct. 5, 2023
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| Coupon: | 14.6443% per year, payable monthly if all stocks close at or above interest barrier values on valuation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below buffer value, in which case full exposure to least-performing stock’s decline beyond the buffer
|
| Call: | Automatically at par if each stock closes at or above initial level on any quarterly valuation date after six months
|
| Initial stock levels: | $490.43 for Adobe, $57.78 for Discover, $251.52 for FedEx and $541.22 for Nvidia
|
| Interest barriers: | $343.301 for Adobe, $40.446 for Discover, $176.064 for FedEx and $378.854 for Nvidia; 70% of initial levels
|
| Buffers: | $343.301 for Adobe, $40.446 for Discover, $176.064 for FedEx and $378.854 for Nvidia; 70% of initial levels
|
| Pricing date: | Sept. 30
|
| Settlement date: | Oct. 5
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 3.5%
|
| Cusip: | 89114RTA4
|
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