Published on 4/11/2022 in the Prospect News Structured Products Daily.
New Issue: TD sells $1.19 million callable contingent interest barrier notes on S&P, Stoxx, Russell
By William Gullotti
Buffalo, N.Y., April 11 – Toronto-Dominion Bank priced $1.19 million of callable contingent interest barrier notes due April 10, 2025 linked to the least performing of the S&P 500 index, the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.86% if each index closes at or above the 70% contingent interest barrier level on the relevant observation date.
The notes will be callable at par plus any coupon due on any quarterly observation date.
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 its 50% barrier level, the payout will be par. Otherwise, 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: | Callable contingent interest barrier notes
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Underlying indexes: | S&P 500 index, Euro Stoxx 50 index, Russell 2000 index
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Amount: | $1,186,000
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Maturity: | April 10, 2025
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Coupon: | 8.86% annual rate, payable quarterly if each index closes at or above contingent interest barrier level on the corresponding observation date
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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 not below barrier level, par; otherwise, 1% loss for each 1% decline of least-performing index from initial level
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Call option: | At par plus any coupon due on any quarterly observation date
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Initial levels: | 4,481.15 for S&P, 3,824.69 for Stoxx, 2,016.937 for Russell
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Coupon barrier levels: | 3,136.805 for S&P, 2,677.283 for Stoxx, 1,411.8559 for Russell; 70% of initial levels
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Barrier levels: | 2,240.575 for S&P, 1,912.345 for Stoxx, 1,008.4685 for Russell; 50% of initial levels
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Strike date: | April 6
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Pricing date: | April 7
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Settlement date: | April 12
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Agent: | TD Securities (USA) LLC
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Fees: | 1.4368%
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Cusip: | 89114VCB1
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