Published on 10/17/2020 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $295,000 autocallable contingent interest barrier notes on stocks
By Taylor Fox
New York, Oct. 19 – Toronto-Dominion Bank priced $295,000 of autocallable contingent interest barrier notes due Sept. 21, 2023 linked to the least performing of the common stocks of Apple Inc., Walt Disney Co. and United Parcel Service, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent interest payment at the rate of 9.9% per year if each stock closes at or above the coupon barrier price, 60% of the initial share price, on the observation date for that period.
The notes will be called at par plus the contingent interest payment if the shares of each stock close at 100% of the initial price on any quarterly observation date after six months.
If the notes are not called, the payout at maturity will be par plus any contingent interest payment due unless the least performing stock finishes below the barrier price, 60% of the initial share price, in which case investors will be fully exposed to the laggard stock’s decline.
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 stocks: | Apple Inc., Walt Disney Co. and United Parcel Service, Inc.
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| Amount: | $295,000
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| Maturity: | Sept. 21, 2023
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| Coupon: | Each months, the notes pay a contingent interest at rate of 9.9% per year if all underliers close at or above barrier price on the relevant observation date
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| Price: | Par
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| Payout at maturity: | Par plus any contingent interest payment due unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline
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| Call: | Automatically at par plus contingent interest payment if shares of each stock close at 100% of initial price on any quarterly observation date after six months
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| Initial share prices: | $106.84 for Apple, $128.63 for Disney, $159.66 for United Parcel
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| Coupon levels: | $64.104 for Apple, $77.178 for Disney, $95.796 for United Parcel; 60% of initial levels
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| Barrier prices: | $64.104 for Apple, $77.178 for Disney, $95.796 for United Parcel; 60% of initial levels
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| Pricing date: | Sept. 18
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| Settlement date: | Sept. 23
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.5%
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| Cusip: | 89114RRV0
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