Published on 5/31/2021 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $1.03 million autocallable contingent interest barrier notes on stocks
By William Gullotti
Buffalo, N.Y., Jun 1 – Toronto-Dominion Bank priced $1.03 million of autocallable contingent interest barrier notes due May 11, 2023 linked to the common stocks of American Airlines Group Inc. and DoorDash, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Monthly, the notes will pay a contingent interest payment at the rate of 11.25% 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.
The notes will be called at par if each stock closes at or above 80% of its initial price on any monthly observation date beginning in August.
If the notes are not called, the payout at maturity will be par unless the least performing stock finishes below the barrier price, 50% 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
|
| Underlying stocks: | American Airlines Group Inc., DoorDash, Inc.
|
| Amount: | $1,034,000
|
| Maturity: | May 11, 2023
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| Coupon: | 11.25% annual rate, payable monthly if each stock closes at or above coupon barrier level on relevant observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline
|
| Call: | Automatically at par if each stock closes at or above its call level on any monthly observation date beginning in August
|
| Initial share prices: | $22.00 for American, $124.89 for DoorDash
|
| Call levels: | $17.60 for American, $99.912 for DoorDash; 80% of initial levels
|
| Coupon barrier levels: | $13.20 for American, $74.934 for DoorDash; 60% of initial levels
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| Barrier levels: | $11.00 for American, $62.445 for DoorDash; 50% of initial levels
|
| Pricing date: | May 7
|
| Settlement date: | May 12
|
| Agent: | TD Securities (USA) LLC
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| Fees: | 3%
|
| Cusip: | 89114THY1
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