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Scotiabank eyes Accelerated Return Notes on financial stock basket
Chicago, Dec. 28 – Bank of Nova Scotia plans to price 0% Accelerated Return Notes due March 2020 linked to a basket of three financial sector stocks, according to an FWP filing with the Securities and Exchange Commission.
The basket consists of the common stock of Citigroup Inc. with a weight of 33.33%, JPMorgan Chase & Co. with a weight of 33.33%, and Morgan Stanley with a weight of 33.34%.
If the basket return is positive, the payout at maturity will be par of $10 plus 300% of the basket return, subject to a maximum return that is expected to be 24% to 28% and will be set at pricing.
If the basket return is negative, investors will have one-to-one exposure to the decline.
BofA Merrill Lynch is the agent.
The notes will price and settle in January.
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