Published on 4/27/2021 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $500,000 autocallable contingent interest barrier notes on Russell 2000
By Wendy Van Sickle
Columbus, Ohio, April 27 – Toronto-Dominion Bank priced $500,000 of autocallable contingent interest barrier notes with memory interest due April 25, 2022 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent interest payment at the annual rate of 8.8% if the index closes at or above the coupon barrier level, 80% of the initial index level, on the observation date for that period, plus any unpaid coupon.
The notes will be called at par plus the contingent interest payment if the index closes at or above the initial level on any quarterly call observation date.
If the notes are not called, the payout at maturity will be par plus any contingent interest payment due unless the index finishes below the barrier level, 80% of the initial index level, in which case investors will be fully exposed to the 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 index: | Russell 2000 index
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| Amount: | $500,000
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| Maturity: | April 25, 2022
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| Coupon: | 8.8% annual rate, payable quarterly if underlier finishes above 80% of initial level on related observation date, plus any unpaid coupon
|
| Price: | Par
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| Payout at maturity: | Par plus any contingent interest payment due unless the index finishes below barrier level, in which case full exposure to the index’s decline
|
| Call: | Automatically at par plus contingent interest payment if index closes at or above initial level on any quarterly call observation date
|
| Initial index level: | 2,223.051
|
| Coupon barrier: | 1,778.4408, 80% of initial level
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| Barrier level: | 1,778.4408, 80% of initial level
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| Pricing date: | April 8
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| Settlement date: | April 13
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| Agent: | TD Securities (USA) LLC
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| Fees: | 1%
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| Cusip: | 89114TFV9
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