Published on 12/26/2020 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $940,000 of autocallable contingent interest barrier notes on stocks
By Taylor Fox
New York, Dec. 30 – Toronto-Dominion Bank priced $940,000 of autocallable contingent interest barrier notes due Dec. 21, 2023 linked to the common stocks of Apple Inc., Amazon.com, Inc., Alphabet Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Semiannually, the notes will pay a contingent interest payment at the rate of 8.75% per year if each stock closes at or above the coupon barrier price, 50% of the initial share price, on the observation date for that period.
The notes will be called at par plus the contingent interest payment if the shares of each stock close at or above 90% of their initial prices on any semiannual observation date.
If the notes are not called, the payout at maturity will be par plus any contingent interest payment due unless the least performing stock finishes below the barrier price, 60% 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
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Issue: | Autocallable contingent interest barrier notes
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Underlying stocks: | Apple Inc., Amazon.com, Inc., Alphabet Inc. and Microsoft Corp.
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Amount: | $940,000
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Maturity: | Dec. 21, 2023
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Coupon: | 8% annual rate, payable semiannually if all stocks close at or above their coupon barrier prices on the relevant observation date
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Price: | Par
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Payout at maturity: | Par plus any contingent interest payment due unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline
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Call: | Automatically at par plus contingent interest payment if each stock closes at or above 90% of its initial share price on any semiannual observation date
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Initial share prices: | $127.81 for Apple, $3,240.96 for Amazon, $1,763 for Alphabet and $219.28 for Microsoft
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Coupon barrier prices: | $63.905 for Apple Inc., $1,620.48 for Amazon.com, Inc., $881.50 for Alphabet Inc. and $109.64 for Microsoft Corp.; 50% of initial levels
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Barrier value prices: | $76.686 for Apple Inc., $1,944.576 for Amazon.com, Inc., $1,057.80 for Alphabet Inc. and $131.568 for Microsoft Corp.; 60% of initial levels
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Call levels: | $115.029 for Apple Inc., $2,916.864 for Amazon.com, Inc., $1,586.70 for Alphabet Inc. and $197.352 for Microsoft Corp.; 90% of initial levels
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Pricing date: | Dec. 17
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Settlement date: | Dec. 22
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Agent: | TD Securities (USA) LLC
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Fees: | 2.2%
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Cusip: | 89114T3T7
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