By Marisa Wong
Madison, Wis., Feb. 27 - Bank of Nova Scotia priced $2 million of series A callable contingent interest range accrual barrier notes due Feb. 28, 2023 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index closes at or above the 75% trigger level on a monthly valuation date, the notes will pay a contingent payment at an annualized rate of 7% for the first 48 months, 8% for the next 36 months and 9% after that. Interest is payable monthly.
The notes are callable at par on each quarterly call date beginning Feb. 28, 2014.
The payout at maturity will be par if the index finishes at or above the 50% barrier level.
Otherwise, investors will be fully exposed to any losses.
Scotia Capital (USA) Inc. is the underwriter.
| Issuer: | Bank of Nova Scotia
|
| Issue: | Series A callable contingent interest range accrual barrier notes
|
| Underlying index: | Russell 2000
|
| Amount: | $2 million
|
| Maturity: | Feb. 28, 2023
|
| Coupon: | If index closes at or above 75% trigger level on a monthly valuation date, 7% per year for first 48 months, 8% per year for next 36 months and 9% after that; payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par if index finishes at or above 50% barrier level; otherwise, full exposure to losses
|
| Initial level: | 895.84
|
| Trigger level: | 671.88, 75% of initial level
|
| Barrier level: | 447.92, 50% of initial level
|
| Call option: | At par on each quarterly call date beginning Feb. 28, 2014
|
| Trade date: | Feb. 25
|
| Settlement date: | Feb. 27
|
| Underwriter: | Scotia Capital (USA) Inc.
|
| Fees: | 3%
|
| Cusip: | 064159BP0
|
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