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Published on 1/24/2024 in the Prospect News Structured Products Daily.

New Issue: TD Bank sells $2.43 million contingent interest buffer autocalls with memory on Marvell

By William Gullotti

Buffalo, N.Y., Jan. 24 – Toronto-Dominion Bank priced $2.43 million of autocallable contingent interest buffer notes with memory interest due Feb. 5, 2025 linked to the performance of the common stock of Marvell Technology, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Quarterly, the notes will pay a contingent interest payment at the rate of 16.3% per year if the stock closes at or above the coupon barrier price, 75% of the initial share price, on the observation date for that period. Previously unpaid interest payments will be automatically included whenever interest is paid.

The notes will be called at par plus the contingent interest payment if the shares of the stock close at or above the initial price on any quarterly observation date.

If the notes are not called, the payout at maturity will be par plus the final contingent interest payment unless the stock finishes below the 75% buffer price, in which case investors will lose 1.3333% for each 1% decline below the buffer.

TD Securities (USA) LLC is the agent.

Issuer:Toronto-Dominion Bank
Issue:Autocallable contingent interest buffer notes with memory interest
Underlying stock:Marvell Technology, Inc.
Amount:$2,432,000
Maturity:Feb. 5, 2025
Coupon:16.3% annual rate, payable quarterly if the stock closes at or above coupon barrier price on the relevant observation date; coupon payment events will automatically include any previously unpaid coupons
Price:Par
Payout at maturity:Par plus final contingent interest payment unless the stock finishes below buffer price, in which case lose 1.3333% for each 1% decline beyond 25%
Call:Automatically at par plus contingent interest payment if the stock closes at or above its initial share price on any quarterly observation date
Initial share price:$71.08
Coupon barrier price:$53.31; 75% of initial level
Buffer value price:$53.31; 75% of initial level
Pricing date:Jan. 19
Settlement date:Jan. 24
Agent:TD Securities (USA) LLC
Fees:1%
Cusip:89115FQA2

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