Published on 12/29/2021 in the Prospect News Structured Products Daily.
New Issue: Scotiabank sells $48.26 million autocallable market-linked step-up notes on S&P 500
By Wendy Van Sickle
Columbus, Ohio, Dec. 29 – Bank of Nova Scotia priced $48.26 million of 0% autocallable market-linked step-up notes due Dec. 31, 2027 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 a call premium of 5.6% 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 value, 130% of the initial level, the payout at maturity will be par 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 30%.
If the index falls by up to 15%, the payout will be par. Otherwise, investors will lose 1% for each 1% decline of the index beyond 15%.
BofA Securities, Inc. is the agent.
| Issuer: | Bank of Nova Scotia
|
| Issue: | Autocallable market-linked step-up notes
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| Underlying index: | S&P 500
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| Amount: | $48,262,010
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| Maturity: | Dec. 31, 2027
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| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If the index finishes above the step-up level, par plus the index gain; if the index finishes flat or gains up to the step-up level, par plus 30%; par if index falls by up to 15%; otherwise, 1% loss for each 1% index decline beyond 15%
|
| Call: | At par plus 5.6% per year if the index closes at or above its initial level on any annual observation date
|
| Initial level: | 4,696.56
|
| Step-up value: | 6,105.53, 130% of initial level
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| Threshold value: | 3,992.08, 85% of initial level
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| Pricing date: | Dec. 22
|
| Settlement date: | Jan. 3
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 06417X556
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