By Wendy Van Sickle
Columbus, Ohio, Feb. 15 – Bank of Nova Scotia priced $20.49 million of 0% autocallable market-linked step-up notes due Feb. 28, 2028 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 plus a premium of 5.92% 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 value, the payout at maturity will be par plus the index return.
If the index finishes at or below the step-up value but at or above the initial value, the payout will be par plus the step-up payment of 30%.
Investors will be receive par if the index falls by up to 15% and will be exposed to index declines beyond 15%.
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 index
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Principal amount: | $20,485,540
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Maturity: | Feb. 28, 2028
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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 return; if the index finishes at or below the step-up value but at or above the initial value, par plus 30%; par if index falls by up to 15%; exposure to losses beyond 15%
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Call: | Automatically at par plus a premium of 5.92% per year if the index closes at or above its initial level on any annual observation date
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Initial value: | 4,504.08
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Step-up value: | 5,855.3, 130% of initial value
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Threshold value: | 3,828.47, 85% of initial value
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Pricing date: | Feb. 10
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Settlement date: | Feb. 18
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Underwriter: | BofA Securities, Inc.
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Fees: | 2%
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Cusip: | 06417X374
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