By Kiku Steinfeld
Chicago, Feb. 2 – Bank of Nova Scotia priced $1.16 million of autocallable contingent coupon notes with memory coupon due Feb. 14, 2022 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index closes at or above the barrier level – 80% of its initial level – on any quarterly review date other than the final one, the notes will pay a contingent coupon for that quarter at the annual rate of 13% and any previously unpaid contingent coupon payments.
If the index closes at or above the initial level on a quarterly review date other than the final one, the notes will be called at par plus the contingent coupon and any previously unpaid contingent coupon.
If the notes are not called and the index finishes at or above the 80% barrier level, the payout at maturity will be par plus the contingent coupon and any previously unpaid contingent coupon payments.
Otherwise, investors will be exposed to the index’s decline from the initial level.
Scotia Capital (USA) Inc. is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Bank of Nova Scotia
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| Issue: | Autocallable contingent coupon notes with memory coupon
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| Underlying index: | Russell 2000
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| Amount: | $1.16 million
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| Maturity: | Feb. 14, 2022
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| Coupon: | 13% per year, payable quarterly, plus any previously unpaid contingent coupon payments with respect to any previous review dates if index closes at or above barrier price on any quarterly review date other than the final one
|
| Price: | Par
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| Payout at maturity: | If the notes are not called and the index finishes at or above the barrier level, par plus the contingent coupon and any previously unpaid contingent coupon payments; otherwise, investors will be exposed to the index’s decline from the initial level
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| Call: | If index closes at or above initial level on any quarterly review date other than the final one, automatically at par plus contingent coupon and any previously unpaid contingent coupon payments
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| Initial index price: | 2,163.272
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| Barrier price: | 1,730.618, 80% of initial index price
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| Pricing date: | Jan. 26
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| Settlement date: | Jan. 29
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| Agent: | Scotia Capital (USA) Inc.
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| Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 1%
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| Cusip: | 064159Q90
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