Published on 2/7/2019 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $1.87 million 9.9% contingent interest autocalls tied to three stocks
By Susanna Moon
Chicago, Feb. 10 – Toronto-Dominion Bank priced $1.87 million of autocallable contingent interest barrier notes due Feb. 1, 2022 linked to the least performing of the common stocks of Boeing Co., Lowe’s Cos., Inc. and Charles Schwab Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annual rate of 9.9% if each underlying asset closes at or above its 50% coupon barrier on the observation date for that month.
The notes will be called at par if each stock closes at or above its 95% call level on any quarterly observation date.
The payout at maturity will be par unless any asset finishes below its 50% trigger level, in which case investors will receive par plus the return of the worst performing asset with full exposure to any losses.
TD Securities (USA) LLC is the underwriter.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable contingent interest barrier notes
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| Underlying stocks: | Boeing Co. (Symbol: BA), Lowe’s Cos., Inc. (Symbol: LOW) and Charles Schwab Corp. (Symbol: SCHW)
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| Amount: | $1,874,000
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| Maturity: | Feb. 1, 2022
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| Coupon: | 9.9% annualized, payable monthly if each stock closes at or above 50% coupon barrier on review date for that month
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| Price: | Par
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| Payout at maturity: | Par unless any stock falls by more than 50%, in which case 1% loss for each 1% decline of the worst performing asset
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| Call: | At par plus contingent coupon if stock closes at or above 95% call level on any valuation date other than final date
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| Initial levels: | $362.97 for Boeing, $93.15 for Lowe’s and $47.52 for Schwab
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| Trigger levels: | $181.485 for Boeing, $46.575 for Lowe’s and $23.76 for Schwab, 50% of initial levels
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| Pricing date: | Jan. 28
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| Settlement date: | Jan. 31
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.5%
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| Cusip: | 89114QHN1
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