Scotiabank plans callable contingent interest notes on Russell 2000

By Jennifer Chiou

New York, Dec. 11 - Bank of Nova Scotia plans to price callable contingent interest notes due Dec. 27, 2019 linked to the Russell 2000 index, according to an SUPPL filed with the Securities and Exchange Commission.

If the index closes at or above the barrier level, 70% of the initial level, the notes will pay a contingent payment on the monthly interest payment date. The annualized contingent interest payment, if any, will be 6% up to Dec. 28, 2015, then 7.5% to Dec. 28, 2018 and then 10% until maturity.

The notes may be called in whole, but not in part, on each quarterly call date beginning on Dec. 28, 2013.

If the index finishes at or above the barrier level, the payout at maturity will be par plus the contingent interest payment. Otherwise, investors will share in losses.

The notes (Cusip: 064159BC9) are expected to price on Dec. 21 and settle on Dec. 28.

Scotia Capital (USA) Inc. is the underwriter.

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