Published on 3/19/2020 in the Prospect News Structured Products Daily.
New Issue: TD sells $2.1 million of 9.1% autocallable fixed interest barrier notes on stocks
By Kiku Steinfeld
Chicago, March 19 – Toronto-Dominion Bank priced $2.1 million of 9.1% autocallable fixed interest barrier notes due March 15, 2022 linked to the shares of Mastercard Inc., American Express Co., Square, Inc. and Visa Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus the contingent coupon if the shares of each stock close at or above the initial share price on any monthly call observation date after six months.
The payout at maturity will be par plus the contingent coupon unless the stock finishes below the barrier price, 54% of the initial share price, in which case investors will receive a number of shares of the worst-performing stock equal to $1,000 divided by that stock’s initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
TD Securities (USA) LLC is the underwriter.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable fixed interest barrier notes
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| Underlying stocks: | Mastercard Inc., American Express Co., Square, Inc. and Visa Inc.
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| Amount: | $2,100,000
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| Maturity: | March 15, 2022
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| Coupon: | 9.1%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless any stock finishes below barrier price, in which case number of shares equal to $1,000 divided by initial share price of least-performing stock, or, at issuer’s option, cash equivalent
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| Call: | Automatically at par plus contingent coupon if shares of each stock close at or above initial share price on any monthly call observation date after six months
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| Initial share prices: | $103.30 for American Express, $280.57 for Mastercard, $67.24 for Square, $182.60 for Visa
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| Barrier prices: | $55.782 for American Express, $151.5078 for Mastercard, $36.3096 for Square, $98.604 for Visa, 54% of initial share prices
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| Pricing date: | March 10
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| Settlement date: | March 13
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.2%
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| Cusip: | 891160SH7
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