Published on 2/14/2022 in the Prospect News Structured Products Daily.
New Issue: TD sells $2.65 million autocallable contingent interest barrier notes on three ETFs
Chicago, Feb. 14 – Toronto-Dominion Bank priced $2.65 million of autocallable contingent interest barrier notes due April 26, 2023 linked to the least performing of the iShares Russell 2000 ETF, the Invesco QQQ Trust, Series 1 and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7% if each fund closes at or above the 70% contingent interest barrier level on the relevant observation date.
The notes will be called at par plus the coupon if each fund closes at or above its initial level on any quarterly call observation date.
The payout at maturity will be par plus any final coupon due if each fund finishes at or above the 60% final barrier level.
Otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level.
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 funds: | iShares Russell 2000 ETF, Invesco QQQ Trust, Series 1, SPDR S&P 500 ETF Trust
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Amount: | $2,645,000
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Maturity: | April 26, 2023
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Coupon: | 7% annual rate, payable quarterly if each fund closes at or above contingent interest barrier level on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par plus final coupon if each fund finishes at or above barrier level, par; otherwise, 1% loss for each 1% decline of worst performer from initial level
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Call: | At par plus coupon if each fund closes at or above initial level on any quarterly call observation date
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Initial levels: | $217.19 for iShares, $336.41 for Invesco, $412.17 for SPDR
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Coupon barrier levels: | $152.033 for iShares, $235.487 for Invesco, $288.519 for SPDR; 70% of initial levels
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Barrier levels: | $130.314 for iShares, $201.846 for Invesco, $247.302 for SPDR; 60% of initial levels
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Strike date: | April 20, 2021
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Pricing date: | April 21, 2021
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Settlement date: | April 26, 2021
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Agent: | TD Securities (USA) LLC
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Fees: | 0.8%
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Cusip: | 89114TGT3
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