Published on 11/4/2020 in the Prospect News Structured Products Daily.
New Issue: Scotia sells $748,000 market-linked autocalls with buffered downside on Russell
By Wendy Van Sickle
Columbus, Ohio, Nov. 4 – Bank of Nova Scotia priced $748,000 of 0% market-linked autocallable securities with fixed percentage buffered downside due Nov. 6, 2025 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a fixed call premium of 5.5% per year if the index closes at or above the initial index level on any of five annual call observation dates.
The payout at maturity will be par unless the index falls by more than 10% in which case investors will be exposed to losses beyond the 10% buffer.
Scotia Capital Inc. (USA) is the agent and Wells Fargo Securities, LLC is the dealer.
Issuer: | Bank of Nova Scotia
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Issue: | Market-linked autocallable securities with fixed-percentage buffered downside
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Underlying index: | Russell 2000 index
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Amount: | $748,000
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Maturity: | Nov. 6, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par unless index falls by more than 10% in which case exposure to losses beyond 10%
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Call: | Automatically at par plus 5.5% per year fixed call premium if the index closes at or above the initial index level on any of five annual call observation dates
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Initial level: | 1,538.479
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Threshold level: | 1,384.6311, 90% of initial level
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Pricing date: | Oct. 30
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Settlement date: | Nov. 4
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Underwriter: | Scotia Capital (USA) Inc.
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Dealer: | Wells Fargo Securities, LLC
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Fees: | 2.825%
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Cusip: | 064159XY7
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