By William Gullotti
Buffalo, N.Y., Feb. 15 – Bank of Nova Scotia priced $5.44 million of 0% autocallable market-linked step-up notes due Feb. 26, 2027 tied to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus an annualized call premium of 6.8% if the index's closing level is greater than or equal to the initial level on either of four annual observation dates.
If the index finishes above the step-up value, 125% of the initial value, the payout at maturity will be par plus the index return.
If the index return is zero or positive but the index finishes at or below the step-up value, the payout will be par plus the step-up payment of 25%.
If the index declines up to 15%, investors will receive par. Otherwise, investors will lose 1% for every 1% of index decline beyond 15%.
BofA Securities, Inc. is the underwriter.
| Issuer: | Bank of Nova Scotia
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | Russell 2000 index
|
| Amount: | $5,435,330
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| Maturity: | Feb. 26, 2027
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If index finishes above step-up value, par plus index return; if index stays flat or gains but finishes at or below step-up value, par plus 25%; if the index declines up to 15%, par; otherwise, investors will lose 1% for every 1% decline below threshold value
|
| Call: | Automatically at par plus an annualized call premium of 6.8% if the index's closing level is greater than or equal to the initial level on either of four annual observation dates
|
| Initial level: | 2,051.162
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| Step-up value: | 2,563.953; 125% of initial value
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| Threshold value: | 1,743.488; 85% of initial level
|
| Pricing date: | Feb. 10
|
| Settlement date: | Feb. 18
|
| Underwriter: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 06417X333
|
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