Published on 12/3/2020 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $1.98 million autocallable contingent interest barrier notes on stocks
By Wendy Van Sickle
Columbus, Ohio, Dec. 3 – Toronto-Dominion Bank priced $1.98 million of autocallable contingent interest barrier notes with memory interest due Nov. 29, 2023 linked to the common stocks of Apple Inc., Amazon.com, Inc., Alphabet Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Semiannually, the notes will pay a contingent interest payment at the rate of 10% 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, in which case a coupon will also be paid for any previously unpaid 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 the initial price on any semiannual call 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, 55% 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 with memory interest
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Underlying stocks: | Apple Inc., Amazon.com, Inc., Alphabet Inc. and Microsoft Corp.
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Amount: | $1,975,000
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Maturity: | Nov. 29, 2023
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Coupon: | 10%, payable semiannually if all stocks close at or above their barrier prices on the relevant observation date in which case coupon will also be paid for any previously unpaid period
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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 shares of each stock close at or above 90% of its initial price on any semiannual call observation date
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Initial share prices: | $117.34 for Apple, $3,099.40 for Amazon, $1,736.38 for Alphabet and $210.39 for Microsoft
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Coupon barrier prices: | $70.404 for Apple, $1,859.64 for Amazon, $1,041.828 for Alphabet and $126.234 for Microsoft; 60% of initial levels
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Final barrier prices: | $$70.404 for Apple, $1,859.64 for Amazon, $1,041.828 for Alphabet and $126.234 for Microsoft; 60% of initial levels
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Pricing date: | Nov. 23
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Settlement date: | Nov. 27
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Agent: | TD Securities (USA) LLC
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Fees: | 1.38%
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Cusip: | 89114RYS9
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