By Wendy Van Sickle
Columbus, Ohio, July 11 – Bank of Nova Scotia priced $13.13 million of 0% autocallable market-linked step-up notes due June 28, 2019 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par of $10 plus a call premium of 10.82% a year if the index closes at or above the initial index level on either annual observation date.
If the notes are not called and the final index level is greater than the step-up value, 130% of the initial index level, the payout at maturity will be par plus the index return.
If the final index level is greater than or equal to the initial level but less than or equal to the step-up value, the payout will be par plus the step-up payment, 30%.
Investors will be fully exposed to any loss in the index.
BofA Merrill Lynch is the agent.
| Issuer: | Bank of Nova Scotia
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| Issue: | Autocallable market-linked step-up notes
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| Underlying index: | Russell 2000
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| Amount: | $13,127,020
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| Maturity: | June 28, 2019
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| Coupon: | 0%
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| Price: | Par of $10.00
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| Payout at maturity: | If index finishes above step-up value, par plus index gain; if index gains by up to step-up level, par plus 30%; exposure to losses
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| Call: | At par plus a call premium of 10.82% per year if the index closes at or above its initial level on either annual observation date
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| Initial level: | 1,149.756
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| Step-up value: | 1,494.683, 130% of initial level
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| Pricing date: | July 7
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| Settlement date: | July 13
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| Underwriter: | BofA Merrill Lynch
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| Fees: | 2%
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| Cusip: | 064160781
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