Published on 3/13/2024 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $980,000 callable contingent interest barrier notes on indexes, ETF
Chicago, March 13 – Toronto-Dominion Bank priced $980,000 of callable contingent interest barrier notes due March 11, 2026 linked to the least performing of the iShares MSCI Emerging Markets ETF, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 7.75% if each underlier closes at or above the 60% coupon barrier level on the relevant observation date.
After three months, the notes will be callable at par on any monthly observation date.
The payout at maturity will be par plus the final coupon if each underlier finishes at or above its 60% barrier level.
Otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Callable contingent interest barrier notes
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| Underlying assets: | iShares MSCI Emerging Markets ETF, S&P 500 index, Russell 2000 index
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| Amount: | $980,000
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| Maturity: | March 11, 2026
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| Coupon: | 7.75% annual rate, payable monthly if each underlier closes at or above contingent interest barrier level on the corresponding observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if all underliers finish at or above barrier level; otherwise, 1% loss for each 1% decline of worst performer from initial level
|
| Call option: | At par on any monthly observation date after three months
|
| Initial levels: | $40.61 for ETF, 5,104.76 for S&P, 2,068.089 for Russell
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| Coupon barrier levels: | $24.366 for ETF, 3,062.856 for S&P, 1,240.8534 for Russell; 60% of initial levels
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| Barrier levels: | $24.366 for ETF, 3,062.856 for S&P, 1,240.8534 for Russell; 60% of initial levels
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| Pricing date: | March 6
|
| Settlement date: | March 11
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.7%
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| Cusip: | 89115FTW1
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