Published on 11/17/2021 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $500,000 autocallable contingent interest barrier notes on Ford, GM, Tesla
By William Gullotti
Buffalo, N.Y., Nov. 17 – Toronto-Dominion Bank priced $500,000 of autocallable contingent interest barrier notes due Aug. 8, 2024 linked to the least performing of the stocks of Ford Motor Co., General Motors Co. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly interest payment at the rate of 23.35% per year if each stock closes at or above the coupon barrier price, 70% 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 initial price on any monthly observation date after three 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: | Ford Motor Co., General Motors Co., Tesla, Inc.
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| Amount: | $500,000
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| Maturity: | Aug. 8, 2024
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| Coupon: | 23.35% annual rate, payable monthly 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 initial level on any monthly observation date after three months
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| Initial share prices: | $13.32 for Ford, $52.72 for GM, $710.92 for Tesla
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| Coupon barrier prices: | $9.324 for Ford, $36.904 for GM, $497.644 for Tesla; 70% of initial levels
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| Barrier value prices: | $6.66 for Ford, $26.36 for GM, $355.46 for Tesla; 50% of initial levels
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| Pricing date: | Aug. 4
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| Settlement date: | Aug. 9
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.5%
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| Cusip: | 89114TPF3
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