Published on 8/18/2021 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $3.59 million autocallable contingent interest barrier notes on four stocks
By William Gullotti
Buffalo, N.Y., Aug. 18 – Toronto-Dominion Bank priced $3.59 million of autocallable contingent interest barrier notes due Aug. 16, 2024 linked to the least performing of the stocks of Apple Inc., Amazon.com, Inc., Roku, Inc. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly interest payment at the rate of 23.15% 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 or above their call level, 90% of 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 if each stock finishes at or above the coupon barrier.
If any stock lags below the coupon barrier but all finish at or above the barrier price, 50% of the initial share price, the payout at maturity will be par. Otherwise, investors will be fully exposed to the laggard stock’s decline from its initial share price.
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., Amazon.com, Inc., Roku, Inc., Tesla, Inc.
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| Amount: | $3,593,000
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| Maturity: | Aug. 16, 2024
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| Coupon: | 23.15% annual rate, payable quarterly if all stocks close at or above their coupon barrier prices on the relevant observation date
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| Price: | Par
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| Payout at maturity: | Par plus the final coupon if all stocks finish above coupon barrier; if the worst performer lags below coupon barrier but declines no more than 50%, par; otherwise, lose 1% for every 1% decline of the worst performer from its initial share price
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| Call: | Automatically at par plus contingent interest payment if each stock closes at or above its call level on any quarterly observation date after six months
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| Initial share prices: | $149.10 for Apple, $3,293.97 for Amazon, $357.59 for Roku, $717.17 for Tesla
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| Call levels: | $134.19 for Apple, $2,964.573 for Amazon, $321.831 for Roku, $645.453 for Tesla; 90% of initial levels
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| Coupon barrier prices: | $89.46 for Apple, $1,976.382 for Amazon, $214.554 for Roku, $430.302 for Tesla; 60% of initial levels
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| Barrier value prices: | $74.55 for Apple, $1,646.985 for Amazon, $178.795 for Roku, $358.585 for Tesla; 50% of initial levels
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| Pricing date: | Aug. 13
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| Settlement date: | Aug. 18
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.9287%
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| Cusip: | 89114TPX4
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