Published on 3/3/2020 in the Prospect News Structured Products Daily.
New Issue: Scotiabank sells $26.86 million Leveraged Index Return Notes on index basket
By Wendy Van Sickle
Columbus, Ohio, March 3 – Bank of Nova Scotia priced $26.86 million of 0% Leveraged Index Return Notes due Feb. 25, 2022 linked to a basket of unequally weighted indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the Euro Stoxx 50 index with a 40% weight, the FTSE 100 index with a 20% weight, the Nikkei Stock Average index with a 20% weight, the Swiss Market index with a 7.5% weight, the S&P/ASX 200 index with a 7.5% weight and the Hang Seng index with a 5% weight.
The payout at maturity will be par plus 117.4% of any basket gain.
Investors will receive par if the basket declines by up to 10% and will lose 1% for every 1% decline beyond the buffer.
BofA Merrill Lynch is the agent.
| Issuer: | Bank of Nova Scotia
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| Issue: | Leveraged Index Return Notes
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| Underlying basket: | Euro Stoxx 50 index (40% weight), FTSE 100 index (20% weight), Nikkei Stock Average index (20% weight), Swiss Market index (7.5% weight), S&P/ASX 200 index (7.5% weight) and Hang Seng index (5% weight)
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| Amount: | $26,857,070
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| Maturity: | Feb. 25, 2022
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | Par plus 117.4% of any basket gain; par if the basket declines by up to 10%; 1% loss for every 1% decline beyond the buffer
|
| Initial index levels: | 3,455.92 for Stoxx, 6,796.4 for FTSE, 21,948.23 for Nikkei, 10,205.46 for Swiss, 6,657.852 for S&P/ASX, 26,778.62 for Hang Seng
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| Final basket level: | Average of basket closing levels on five trading days ending Feb. 22, 2022
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| Pricing date: | Feb. 27
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| Settlement date: | March 5
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| Agent: | BofA Merrill Lynch
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| Fees: | 2%
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| Cusip: | 06417Q460
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