By Wendy Van Sickle
Columbus, Ohio, Oct. 20 – Toronto-Dominion Bank priced $1.5 million of callable contingent interest barrier notes due Oct. 21, 2024 linked to the least performing of the Invesco QQQ trust, series 1, the iShares Russell 2000 ETF and the SPDR S&P 500 ETF trust, 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 10.6% if each ETF closes at or above the 70% contingent interest barrier level on the observation date for that quarter.
The notes will be callable at par on any quarterly observation date.
The payout at maturity will be par unless any ETF finishes below the 60% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing ETF 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 ETFs: | Invesco QQQ trust, series 1, iShares Russell 2000 ETF and SPDR S&P 500 ETF trust
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Amount: | $1.5 million
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Maturity: | Oct. 21, 2024
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Coupon: | 10.6%, payable quarterly if each ETF 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 ETF finishes below barrier level, in which case 1% loss for each 1% decline of least-performing ETF from initial level
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Call option: | At par on any quarterly observation date
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Initial levels: | $162.75 for Russell, $290.10 for QQQ and $347.50 for S&P,
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Coupon barrier levels: | $113.925 for Russell, $203.07 for QQQ and $243.25 for S&P; 70% of initial levels
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Barrier levels: | $97.65 for Russell, $174.06 for QQQ and $208.50 for S&P; 60% of initial levels
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Pricing date: | Oct. 16
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Settlement date: | Oct. 21
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Agent: | TD Securities (USA) LLC
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Fees: | 0.93%
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Cusip: | 89114RVA1
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