By Sarah Lizee
Olympia, Wash., Sept. 14 – Bank of Nova Scotia priced $17.42 million of 0% autocallable market-linked step-up notes due Sept. 25, 2026 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 6.67% if the index closes at or above its initial level on any annual call date.
If the index finishes above the step-up value – 135% 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 35%.
The payout will be par if the index declines by up to 15%.
Investors will lose 1% for each 1% decline of the index beyond 15%.
BofA Securities, Inc. is the underwriter.
| Issuer: | Bank of Nova Scotia
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | S&P 500
|
| Amount: | $17,417,630
|
| Maturity: | Sept. 25, 2026
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| 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 35%; if index falls by up to buffer level, par; 1% loss for each 1% decline of the index beyond buffer
|
| Call: | At par plus 6.67% per year if the index closes at or above its initial level on any annual observation date
|
| Initial level: | 3,339.19
|
| Step-up value: | 4,507.91, 135% of initial level
|
| Buffer level: | 2,838.31; 85% of initial level
|
| Pricing date: | Sept. 10
|
| Settlement date: | Sept. 17
|
| Underwriter: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 06417R443
|
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