Published on 2/21/2024 in the Prospect News Structured Products Daily.
New Issue: Scotiabank prices $1.76 million buffered index-linked notes on Russell, S&P
By William Gullotti
Buffalo, N.Y., Feb. 21 – Bank of Nova Scotia priced $1.76 million of 0% buffered index-linked notes due Feb. 12, 2027 linked to the performance of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index return is zero or positive, the payout at maturity will be par plus 108.25% of the laggard index’s return.
If the laggard index falls by up to 20%, the payout will be par plus the absolute value of that index’s return.
Otherwise, investors will lose 1% for every 1% that the laggard index declines beyond the buffer.
Scotia Capital (USA) Inc. is the agent. Goldman Sachs & Co. LLC is the dealer.
| Issuer: | Bank of Nova Scotia
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| Issue: | Buffered index-linked notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index
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| Amount: | $1.76 million
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| Maturity: | Feb. 12, 2027
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index return is positive, par plus 108.25% of the laggard index’s return; if laggard index falls by up to buffer, par plus absolute value of that index’s return; otherwise, 1% loss for every 1% decline of laggard index beyond 20%
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| Initial levels: | 2,009.992 for Russell, 5,026.61 for S&P
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| Buffer levels: | 80% of initial levels
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| Pricing date: | Feb. 9
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| Settlement date: | Feb. 14
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| Underwriter: | Scotia Capital (USA) Inc.
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| Dealer: | Goldman Sachs & Co. LLC
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| Fees: | 1.2%
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| Cusip: | 06418LAD8
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