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Scotiabank to price callable steepener notes with 10.25% initial rate
By Marisa Wong
Madison, Wis., June 10 - Bank of Nova Scotia plans to price callable steepener notes due June 27, 2033, according to a 424B5 filing with the Securities and Exchange Commission.
Interest will accrue at 10.25% for the first year. After that, the rate will be four times the spread of the 30-year Constant Maturity Swap rate over the five-year CMS rate minus 50 basis points, subject to a maximum rate of 10.25%. Interest is payable semiannually and cannot be less than zero.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date after one year.
Scotia Capital (USA) Inc. is the underwriter.
The notes are expected to price June 24 and settle June 27.
The Cusip number is 064159CD6.
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