By Sarah Lizee
Olympia, Wash., June 2 – Bank of Nova Scotia priced $46.93 million of 0% autocallable market-linked step-up notes due May 26, 2023 linked to the S&P 500 index, according to a 424B2 with the Securities and Exchange Commission.
The notes will be called at par plus an annual call premium of 11% if the index closes at or above its initial level on any annual call date.
If the index finishes above the step-up value – 126% of the initial level – the payout at maturity will be par of $10 plus the index gain.
If the index finishes flat or gains by up to the step-up level, the payout will be par plus the step-up payment of 26%.
Investors will lose 1% for each 1% decline of the index.
BofA Securities, Inc. is the underwriter.
| Issuer: | Bank of Nova Scotia
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| Issue: | Autocallable market-linked step-up notes
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| Underlying index: | S&P 500
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| Amount: | $46,929,880
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| Maturity: | May 26, 2023
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If the index finishes above the step-up value, par plus the index gain; if index finishes flat or gains by up to the step-up level, par plus 26%; 1% loss for each 1% decline of the index
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| Call: | At par plus 11% per year if the index closes at or above its initial level on any annual observation date
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| Initial level: | 3,029.73
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| Step-up value: | 3,817.46, 126% of initial level
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| Pricing date: | May 28
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| Settlement date: | June 4
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| Underwriter: | BofA Securities, Inc.
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| Fees: | 2%
|
| Cusip: | 06417R732
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