Scotiabank plans market-linked step-up autocallables tied to Russell

By Susanna Moon

Chicago, Oct. 14 – Bank of Nova Scotia plans to price 0% autocallable market-linked step-up notes due October 2021 linked 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 a call premium of 6.5% to 7.5% per year if the index closes at or above its initial level on any annual observation date.

If the index finishes above the step-up level – 135% of the initial index level – the payout at maturity will be par plus the gain.

If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 35%.

If the index falls by up to 15%, the payout will be par.

If the index falls by more than 15%, investors will lose 1% for each 1% decline beyond 15%.

BofA Merrill Lynch is the agent.

The notes will price and settle in October.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.