Published on 3/14/2022 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $722,000 contingent interest barrier autocalls on three stocks
By Kiku Steinfeld
Chicago, March 14 – Toronto-Dominion Bank priced $722,000 of autocallable contingent interest barrier notes March 22, 2023 linked to the common stocks of McDonald’s Corp., Netflix, Inc. and Target Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent interest payment at the rate of 7.75% 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 plus the contingent interest payment if each stock closes at or above its initial price on any quarterly observation date after six months.
If the notes are not called, the payout at maturity will be par 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 from its initial share price.
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: | McDonald’s Corp., Netflix, Inc. and Target Corp.
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| Amount: | $722,000
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| Maturity: | March 22, 2023
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| Coupon: | 7.75% annual rate, payable monthly if each stock closes at or above coupon barrier level on relevant observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline from its initial share price
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| Call: | Automatically at par plus coupon if each stock closes at or above its initial level on any quarterly observation date after six months
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| Initial share prices: | $242.49 for McDonald’s, $589.35 for Netflix, $246.67 for Target
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| Coupon barrier levels: | $145.494 for McDonald’s, $353.61 for Netflix, $148.002 for Target; 60% of initial levels
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| Barrier levels: | $145.494 for McDonald’s, $353.61 for Netflix, $148.002 for Target; 60% of initial levels
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| Pricing date: | Sept. 17
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| Settlement date: | Sept. 22
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| Agent: | TD Securities (USA) LLC
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| Fees: | 1.0154%
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| Cusip: | 89114TRF1
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