Published on 4/6/2020 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $10.13 million digital notes linked to S&P 500
By Marisa Wong
Los Angeles, April 6 – Toronto-Dominion Bank priced $10.13 million of 0% digital notes due April 13, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than or equal to 90% of the initial index level, the payout at maturity will be par plus 11.15%.
If the index finishes below the 90% buffer level, investors will lose 1.1111% for every 1% index decline beyond 10%.
TD Securities (USA) LLC is the agent.
Issuer: | Toronto-Dominion Bank
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Issue: | Digital notes
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Underlying index: | S&P 500
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Amount: | $10,125,000
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Maturity: | April 13, 2021
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 11.15% unless index falls by more than 10%, in which case 1.1111% loss for every 1% decline beyond 10%
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Initial level: | 2,630.07
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Buffer level: | 2,367.063, 90% of initial level
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Strike date: | March 26
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Pricing date: | March 27
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Settlement date: | April 1
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Agent: | TD Securities (USA) LLC
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Fees: | 1%
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Cusip: | 89114RGU4
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