Published on 1/19/2024 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $8.36 million callable contingent market-linked notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, Jan. 19 – Toronto-Dominion Bank priced $8.36 million of market-linked securities – callable with contingent coupon and contingent downside due Jan. 18, 2028 linked to the Russell 2000 index, the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent interest payment at the rate of 9.05% per year if each index closes at or above the coupon barrier level, 70% of the initial level, on the observation date for that period.
The notes may be called at par plus any coupon otherwise due on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon unless any index falls by more than 30%, in which case investors will be fully exposed to the decline of the worst performer from its initial level.
TD Securities (USA) LLC and Wells Fargo Securities, LLC are the agents.
Issuer: | Toronto-Dominion Bank
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Issue: | Market-linked securities – callable with contingent coupon and contingent downside
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Underlying indexes: | Russell 2000 index, Nasdaq-100 index, S&P 500 index
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Amount: | $8.36 million
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Maturity: | Jan. 18, 2028
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Coupon: | 9.05% annual rate, payable quarterly if all indexes close at or above their coupon barrier levels on the relevant observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon unless any index falls by more than 30%, in which case full exposure to decline of worst performer from its initial level
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Call option: | At par plus any coupon otherwise due on any quarterly observation date after six months
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Initial level: | 1,950.964 for Russell, 16,832.92 for Nasdaq, 4,783.83 for S&P
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Coupon barrier: | 1,365.6748 for Russell, 11,783.044 for Nasdaq, 3,348.681 for S&P; 70% of initial levels
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Threshold level: | 1,365.6748 for Russell, 11,783.044 for Nasdaq, 3,348.681 for S&P; 70% of initial levels
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Pricing date: | Jan. 12
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Settlement date: | Jan. 18
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Agents: | TD Securities (USA) LLC and Wells Fargo Securities, LLC
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Fees: | 2.325%
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Cusip: | 89115FNB3
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