By Kiku Steinfeld
Chicago, June 11 – Toronto-Dominion Bank priced $45,000 of autocallable contingent interest buffer notes with memory interest due June 22, 2021 linked to the common stock of Expedia Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the buffer level – 63% of its initial level – on any quarterly review date other than the final one, the notes will pay a contingent coupon for that quarter at the annual rate of 16% and any previously unpaid contingent interest payments with respect to any previous review days on which the stock closed below the interest buffer.
If the stock closes at or above the initial level on a quarterly review date other than the final one, the notes will be called at par plus the contingent coupon and any previously unpaid contingent interest payments with respect to any previous review days on which the stock closed below the interest buffer.
If the notes are not called and the stock finishes at or above the 63% buffer level, the payout at maturity will be par plus the contingent coupon and any previously unpaid contingent interest payments.
Otherwise, investors will lose 1.5873% for each 1% decline of the stock beyond its buffer level.
initial level.
TD Securities (USA) LLC is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
Issuer: | Toronto-Dominion Bank
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Issue: | Autocallable contingent interest buffer notes with memory interest
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Underlying stock: | Expedia Group, Inc.
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Amount: | $45,000
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Maturity: | June 22, 2021
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Coupon: | 16% per year, payable quarterly, plus any previously unpaid contingent interest payments with respect to any previous review dates if stock closes at or above buffer price on any quarterly review date other than the final one
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Price: | Par
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Payout at maturity: | If the notes are not called and the stock finishes at or above the buffer level, par plus the contingent coupon and any previously unpaid contingent interest payments; otherwise, 1.5873% loss for each 1% decline of the stock beyond buffer level
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Call: | If stock closes at or above initial level on any quarterly review date other than the final one, automatically at par plus contingent coupon and any previously unpaid contingent interest payments
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Initial stock price: | $89.88
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Buffer/coupon barrier level: | $56.6244, 63% of initial stock price
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Pricing date: | June 5
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Settlement date: | June 10
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Agent: | TD Securities (USA) LLC
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Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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Fees: | 1%
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Cusip: | 89114RMF0
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