By William Gullotti
Buffalo, N.Y., Dec. 19 – Bank of Nova Scotia priced $6.1 million of 0% autocallable market-linked step-up notes due Jan. 2, 2029 tied to a basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket components are the S&P 500 index and the Nasdaq-100 index, each with an equal weight.
The notes will be called at par of $10 plus a premium of 11.1% per year if the basket's closing level is greater than or equal to the initial level on any annual observation date.
If the basket finishes above the step-up value, 155% of the initial value, the payout at maturity will be par plus the basket return.
If the basket return is zero or positive but the basket finishes at or below the step-up value, the payout will be par plus the step-up payment of 55%.
Investors will receive par if the basket declines up to 10% and will lose 1% for every 1% decline beyond 10%.
BofA Securities, Inc. is the underwriter.
| Issuer: | Bank of Nova Scotia
|
| Issue: | Autocallable market-linked step-up notes
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| Underlying indexes: | S&P 500 index, Nasdaq-100 index; equal weights
|
| Principal amount: | $6.1 million
|
| Proceeds: | $6,075,000
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| Maturity: | Jan. 2, 2029
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| Coupon: | 0%
|
| Price: | $9.95 per unit for 500,000 units; par of $10 for remainder
|
| Payout at maturity: | If basket finishes above step-up value, par plus basket return; if basket stays flat or gains but finishes at or below step-up value, par plus 55%; if basket falls by no more than 10%, par; otherwise, 1% for every 1% decline beyond 10%
|
| Call: | Automatically at par plus a premium of 11.1% per year if the basket's closing level is greater than or equal to the initial level on any annual observation date
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| Initial levels: | 4,019.65 for S&P, 11,834.21 for Nasdaq
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| Step-up value: | 155% of initial value
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| Threshold level: | 90% of initial value
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| Pricing date: | Dec. 13
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| Settlement date: | Dec. 20
|
| Underwriter: | BofA Securities, Inc.
|
| Fees: | 1.5% for 500,000 units; 2% for remainder
|
| Cusip: | 06418D302
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