New Issue: Scotia sells $5.1 million contingent market-linked autocalls on Dow, Russell, S&P

By William Gullotti

Buffalo, N.Y., June 22 – Bank of Nova Scotia priced $5.1 million of market-linked securities due May 19, 2025 – autocallable with contingent coupon and contingent downside, principal at risk securities – linked to the least performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 7.4% if each index closes at or above its 75% coupon threshold on the observation date for that period.

The notes will be called at par plus coupon if each index closes at or above its initial level on any quarterly observation date after six months.

The payout at maturity will be par unless any index finishes below its 75% downside threshold, in which case the payout will be par plus the return of the worst performing index with full exposure to any losses.

Scotia Capital (USA) Inc. is the agent with Wells Fargo Securities, LLC acting as the agent for distribution.

Issuer:	Bank of Nova Scotia
Issue:	Market linked securities – autocallable with contingent coupon and contingent downside
Underlying indexes:	S&P 500 index, Russell 2000 index, Dow Jones industrial average
Amount:	$5,101,000
Maturity:	May 19, 2025
Coupon:	7.4% annualized, payable quarterly if each index closes at or above coupon threshold on observation date for that period
Price:	Par
Payout at maturity:	Par unless any index falls by more than downside threshold, in which case 1% loss per 1% decline of worst performing index
Call:	At par plus coupon if each index closes at or above its initial level on any interest payment date after six months
Initial levels:	4,173.85 for S&P, 2,224.63 for Russell, 34,382.13 for Dow
Coupon threshold levels:	3,130.3875 for S&P, 1,668.4725 for Russell, 25,786.5975 for Dow; 75% of initial levels
Downside threshold levels:	3,130.3875 for S&P, 1,668.4725 for Russell, 25,786.5975 for Dow; 75% of initial levels
Pricing date:	May 14
Settlement date:	May 19
Agent:	Scotia Capital (USA) Inc.
Distributor:	Wells Fargo Securities, LLC
Fees:	2.175%
Cusip:	0641592X3

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.