Published on 3/22/2024 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $2.84 million callable contingent interest barrier notes on three indexes
By William Gullotti
Buffalo, N.Y., March 22 – Toronto-Dominion Bank priced $2.84 million of callable contingent interest barrier notes due March 15, 2029 linked to the least performing of the S&P 500 index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 9.6% if each index closes at or above the 75% contingent interest barrier level on the relevant observation date.
The notes will be callable at par plus any coupon due on any monthly observation date after three months.
The payout at maturity will be par plus the final coupon if each index finishes at or above its contingent interest barrier.
If the worst performer finishes below its contingent interest barrier but at or above the 70% threshold level, the payout 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: | Callable contingent interest barrier notes
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| Underlying indexes: | S&P 500 index, Dow Jones industrial average, Russell 2000 index
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| Amount: | $2,835,000
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| Maturity: | March 15, 2029
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| Coupon: | 9.6% annual rate, payable monthly if each index closes at or above contingent interest barrier level on the corresponding observation date
|
| 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 at or above threshold level, par; otherwise, 1% loss for each 1% decline of worst performer from initial level
|
| Call option: | At par plus any coupon due on any monthly observation date after three months
|
| Initial levels: | 5,117.94 for S&P, 38,769.66 for Dow, 2,065.881 for Russell
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| Coupon barrier levels: | 3,838.455 for S&P, 29,077.245 for Dow, 1,549.4108 for Russell; 75% of initial levels
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| Threshold levels: | 3,582.558 for S&P, 27,138.762 for Dow, 1,446.1167 for Russell; 70% of initial levels
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| Pricing date: | March 11
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| Settlement date: | March 14
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.2632%
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| Cusip: | 89115FTJ0
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