By Wendy Van Sickle
Columbus, Ohio, Jan. 19 – Bank of Nova Scotia priced $33.68 million of autocallable market-linked step-up notes due Jan. 26, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus an annualized call premium of 9.25% if the index closes at or above the initial level on any annual observation date.
If the notes are not called and the index finishes above the step-up value, 126% of the initial level, the payout at maturity will be par plus the index gain.
If the index finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 26%.
Otherwise, investors will lose 1% for every 1% index decline.
BofA Securities, Inc. is the agent.
| Issuer: | Bank of Nova Scotia
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | S&P 500 index
|
| Amount: | $33,679,780
|
| Maturity: | Jan. 26, 2024
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If index finishes above step-up level, par plus index gain; if index finishes at or above initial level but at or below step-up level, par plus 26%; otherwise, 1% loss for each 1% index decline
|
| Call: | At par plus 9.25% per year if index closes at or above its initial level on any annual observation date
|
| Initial level: | 3,795.54
|
| Step-up level: | 4,782.385, 126% of initial level
|
| Pricing date: | Jan. 14
|
| Settlement date: | Jan. 22
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 06417R112
|
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