New Issue: TD Bank sells $3.66 million contingent interest barrier autocalls with memory on stocks

By William Gullotti

Buffalo, N.Y., Nov. 23 – Toronto-Dominion Bank priced $3.66 million of autocallable contingent interest barrier notes with memory interest due Nov. 24, 2023 linked to the least performing of the stocks of Apple Inc., Alphabet 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 20% 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. Any previously unpaid contingent interest payments will also be paid whenever a interest payment is made.

The notes will be called at par plus the contingent interest payment and any previously unpaid contingent payments if the shares of each stock close at or above their initial prices on any quarterly observation date.

If the notes are not called, the payout at maturity will be par plus all unpaid contingent interest payments 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
Issue:	Autocallable contingent interest barrier notes with memory interest
Underlying stocks:	Apple Inc., Alphabet Inc., Tesla, Inc.
Amount:	$3.66 million
Maturity:	Nov. 24, 2023
Coupon:	20% annual rate, payable quarterly if all stocks close at or above their coupon barrier prices on the relevant observation date; payment will include any previously unpaid coupons
Price:	Par
Payout at maturity:	Par plus all unpaid contingent interest payments unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline
Call:	Automatically at par plus contingent interest payment and any previously unpaid contingent interest payments if each stock closes at or above its initial share price on any quarterly observation date
Initial share prices:	$157.87 for Apple, $3,014.18 for Alphabet, $1,096.38 for Tesla
Coupon barrier prices:	$94.722 for Apple, $1,808.508 for Alphabet, $657.828 for Tesla; 60% of initial levels
Barrier value prices:	$94.722 for Apple, $1,808.508 for Alphabet, $657.828 for Tesla; 60% of initial levels
Strike date:	Nov. 18
Pricing date:	Nov. 19
Settlement date:	Nov. 24
Agent:	TD Securities (USA) LLC
Fees:	0.7158%
Cusip:	89114TVJ8

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