Published on 4/29/2024 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $2.41 million autocallable contingent interest barrier notes on indexes
By William Gullotti
Buffalo, N.Y., April 29 – Toronto-Dominion Bank priced $2.41 million of autocallable contingent interest barrier notes due Oct. 2, 2026 linked to the least performing of the Nasdaq-100 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.2% if each index closes at or above the 80% coupon barrier level on the relevant observation date.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any quarterly call observation date after six months.
The payout at maturity will be par plus the final coupon if each index finishes at or above its coupon barrier.
If the worst performer finishes below its coupon barrier but at or above the 75% barrier level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level.
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 indexes: | Nasdaq-100 index, S&P 500 index, Russell 2000 index
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Amount: | $2.41 million
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Maturity: | Oct. 2, 2026
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Coupon: | 9.2% annual rate, payable quarterly if each index closes at or above coupon barrier level the corresponding observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon if each index finishes at or above coupon barrier; if worst performer finishes below coupon barrier but not below final barrier, par; otherwise, 1% loss for each 1% decline of worst performer from initial level
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Call: | At par plus coupon if each index closes above initial level on any quarterly call observation date after six months
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Initial levels: | 18,254.69 for Nasdaq, 5,254.35 for S&P, 2,124.547 for Russell
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Coupon barrier levels: | 14,603.752 for Nasdaq, 4,203.48 for S&P, 1,699.6376 for Russell; 80% of initial levels
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Barrier levels: | 13,691.0175 for Nasdaq, 3,940.7625 for S&P, 1,593.4103 for Russell; 75% of initial levels
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Pricing date: | March 28
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Settlement date: | April 5
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Agent: | TD Securities (USA) LLC
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Fees: | 2.5%
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Cusip: | 89115FVS7
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