Published on 3/2/2022 in the Prospect News Structured Products Daily.
New Issue: TD sells $7.11 million autocallable contingent interest barrier notes on indexes
By Wendy Van Sickle
Columbus, Ohio, March 2 – Toronto-Dominion Bank priced $7.11 million of autocallable contingent interest barrier notes due Feb. 29, 2024 linked to the least performing of the Russell 2000 index, the Nasdaq-100 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 12.85% if each index closes at or above the 75% contingent interest barrier level on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any quarterly call observation date other than the final one.
The payout at maturity will be par unless any index finishes below the 75% barrier level, in which case investors will lose 1% for each 1% decline of the lesser-performing index 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: | Russell 2000 index, Nasdaq-100 index and Dow Jones industrial average
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Amount: | $7,113,000
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Maturity: | Feb. 29, 2024
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Coupon: | 12.85% annual rate, payable quarterly if each index closes at or above contingent interest barrier level on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless any index finishes below barrier level, in which case 1% loss for each 1% decline of least-performing index from initial level
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Call: | At par if each index closes above initial level on any quarterly call observation other than the final one
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Initial levels: | 2,040.929 for Russell, 14,189.16 for Nasdaq, 34,058.75for Dow Jones
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Coupon barrier levels: | 1,530.6968 for Russell, 10,641.87 for Nasdaq, 25,544.0625 for Dow Jones; 75% of initial levels
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Barrier levels: | 1,530.6968 for Russell, 10,641.87 for Nasdaq, 25,544.0625 for Dow Jones; 75% of initial levels
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Pricing date: | Feb. 25
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Settlement date: | March 3
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Agent: | TD Securities (USA) LLC
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Fees: | 1.75%
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Cusip: | 89114V4T1
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