Published on 11/19/2021 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $622,000 autocallable contingent interest barrier notes on Nvidia, Twitter, Tesla
By Wendy Van Sickle
Columbus, Ohio, Nov. 19 – Toronto-Dominion Bank priced $622,000 of autocallable contingent interest barrier notes with memory interest due Aug. 9, 2024 linked to the least performing of the stocks of Nvidia Corp., Twitter, Inc. 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 16.4491% 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, in which case any previously unpaid coupon will also be paid.
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 quarterly call observation date.
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, 60% 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 with memory interest
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| Underlying stocks: | Nvidia Corp., Twitter, Inc., Tesla, Inc.
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| Amount: | $622,000
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| Maturity: | Aug. 9, 2024
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| Coupon: | 16.4491% annual rate, payable monthly if all stocks close at or above their coupon barrier prices on the relevant observation date, plus any previously unpaid coupon
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| Price: | Par
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| Payout at maturity: | Par plus the final coupon if all stocks finish above their barrier value prices; 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 quarterly call observation date
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| Initial share prices: | $203.66 for Nvidia, $67.37 for Twitter, $699.10 for Tesla
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| Coupon barrier prices: | $122.196 for Nvidia, $40.422 for Twitter, $419.46 for Tesla; 60% of initial levels
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| Barrier value prices: | $122.196 for Nvidia, $40.422 for Twitter, $419.46 for Tesla; 60% of initial levels
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| Pricing date: | Aug. 6
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| Settlement date: | Aug. 11
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.25%
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| Cusip: | 89114TPC0
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