Published on 7/7/2021 in the Prospect News Structured Products Daily.
New Issue: Scotia sells $3.4 million contingent autocalls on Dow, Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, July 7 – Bank of Nova Scotia priced $3.4 million of market-linked securities due May 30, 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 6.1% 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 the index’s losses.
Scotia Capital (USA) Inc. is the agent with Wells Fargo Securities, LLC acting as the agent for distribution.
Issuer: | Bank of Nova Scotia
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Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
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Underlying indexes: | S&P 500 index, Russell 2000 index, Dow Jones industrial average
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Amount: | $3,399,000
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Maturity: | May 30, 2025
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Coupon: | 6.1% annualized, payable quarterly if each index closes at or above coupon threshold on observation date for that period
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Price: | Par
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Payout at maturity: | Par unless any index finishes below downside threshold, in which case 1% loss per 1% decline of worst performing index
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Call: | At par plus coupon if each index closes at or above its initial level on any interest payment date after six months
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Initial levels: | 4,188.13 for S&P, 2,205.75 for Russell, 34,312.46 for Dow
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Coupon threshold levels: | 2,931.691 for S&P, 1,544.025 for Russell, 24,018.722 for Dow; 75% of initial levels
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Downside threshold levels: | 2,931.691 for S&P, 1,544.025 for Russell, 24,018.722 for Dow; 75% of initial levels
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Pricing date: | May 25
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Settlement date: | June 2
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Agent: | Scotia Capital (USA) Inc.
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Distributor: | Wells Fargo Securities, LLC
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Fees: | 2.275%
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Cusip: | 0641593T1
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