Published on 6/8/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $100,000 callable contingent interest barrier notes linked to Russell, S&P
By Angela McDaniels
Tacoma, Wash., June 8 – Toronto-Dominion Bank priced $100,000 of callable contingent interest barrier notes due July 17, 2025 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 9% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that month.
Beginning on the third contingent interest payment date, the notes are callable monthly at par.
The payout at maturity will be par unless the lesser-performing index finishes below its barrier level, 60% of its initial level, in which case investors will be exposed to the decline of the lesser-performing index.
TD Securities (USA) LLC and Jefferies LLC are the agents.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Callable contingent interest barrier notes
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| Underlying indexes: | Russell 2000 index and S&P 500 index
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| Amount: | $100,000
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| Maturity: | July 17, 2025
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| Coupon: | 9% per year, payable monthly if each index closes at or above coupon barrier level on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless lesser-performing index finishes below barrier level, in which case exposure to decline of lesser-performing index
|
| Call option: | Monthly at par beginning on third contingent interest payment date
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| Initial levels: | 1,707.505 for Russell and 3,790.38 for S&P
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| Coupon barrier levels: | 1,195.2535 for Russell and 2,653.266 for S&P, or 70% of initial levels
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| Barrier levels: | 1,024.503 for Russell and 2,274.228 for S&P, or 60% of initial levels
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| Pricing date: | July 14, 2022
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| Settlement date: | July 19, 2022
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| Agents: | TD Securities (USA) LLC and Jefferies LLC
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| Fees: | 1.5%
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| Cusip: | 89114Y6E6
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