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Scotiabank to price 8.5% STEP Income Securities on D.R. Horton
By Sarah Lizee
Olympia, Wash., March 30 – Bank of Nova Scotia plans to price 8.5% STEP Income Securities due April 2021 linked to the common stock of D.R. Horton, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the price of the shares finishes at or above the step level – 108.5% of the initial price – the payout at maturity will be par of $10 plus a step payment of 1% to 5%
If the stock finishes at or above the initial level but below the step level, the payout at maturity will be par.
Investors will be exposed to any losses.
BofA Securities, Inc. is the agent.
The notes will price in March.
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