By William Gullotti
Buffalo, N.Y., April 29 – Toronto-Dominion Bank priced $2.58 million of callable contingent interest barrier notes due April 15, 2027 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly interest payment at the rate of 7% per year if the index closes at or above the coupon barrier level, 70% of the initial level, on the observation date for that period.
After six months, the notes may be called at par plus any coupon due on any monthly observation date.
If the notes are not called, the payout at maturity will be par plus the final coupon if the index finishes at or above the coupon barrier.
If the index finishes below the coupon barrier but at or above its 50% final barrier, the payout will be par. Otherwise, investors will lose 1% for every 1% decline of the index from its initial level.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Callable contingent interest barrier notes
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| Underlying index: | S&P 500 index
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| Amount: | $2,575,000
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| Maturity: | April 15, 2027
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| Coupon: | 7% annual rate, payable monthly if the index closes at or above coupon barrier level on the relevant observation date
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| Price: | Par
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| Payout at maturity: | Par plus the final coupon if index finishes at or above coupon barrier; if index finishes below coupon barrier but at or above barrier level, par; otherwise, lose 1% for every 1% decline from initial level
|
| Call option: | At par plus any coupon due on any monthly observation date after six months
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| Initial level: | 5,123.41
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| Coupon barrier level: | 3,586.387; 70% of initial level
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| Barrier level: | 2,561.705; 50% of initial level
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| Pricing date: | April 12
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| Settlement date: | April 17
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 0.7%
|
| Cusip: | 89115FZ46
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