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Scotiabank to price principal at risk autocalls on Energy Select
Chicago, Jan. 17 – Bank of Nova Scotia plans to price 0% market-linked securities that are autocallable with a fixed percentage buffered downside and the principal is at risk due Feb. 5, 2021 linked to the Energy Select Sector SPDR fund, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will be called at a call premium of between 9% and 10% if the fund closes at or above its initial level on the observation date on Feb. 5, 2020. The call premium increases to 13.5% to 15% on Aug. 5, 2020. And, on the final calculation date of Jan. 29, 2021 the fund increases to 18% to 20%. The exact premium will be set at pricing.
If the fund finishes at or above 90% of its initial value the payout will be par.
If the fund declines more than 10% investors will lose 1% for each 1% decline beyond 10%.
Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC are the underwriters.
The notes are expected to price on Jan. 31 and settle on Feb. 5.
The Cusip number is 064159NA0.
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