Published on 3/8/2022 in the Prospect News Structured Products Daily.
New Issue: Scotiabank sells $37.62 million Strategic Accelerated Redemption Securities on S&P
By William Gullotti
Buffalo, N.Y., March 8 – Bank of Nova Scotia priced $37.62 million of Strategic Accelerated Redemption Securities due March 10, 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 9.25% per year if the closing level of the index is greater than its starting value on any of the six annual observation dates.
If the notes are not called, investors lose 1% for each 1% decline in the index.
BofA Securities, Inc. is the agent.
Issuer: | Bank of Nova Scotia
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Issue: | Strategic Accelerated Redemption Securities
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Underlying index: | S&P 500
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Amount: | $37,619,290
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Maturity: | March 10, 2028
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If not called, full exposure to loss
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Call: | At par plus 9.25% per year if the closing level of the index is greater than its starting value on any of six annual observation dates
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Initial level: | 4,363.49
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Agent: | BofA Securities, Inc.
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Pricing date: | March 3
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Settlement date: | March 11
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Fees: | 2%
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Cusip: | 06417X192
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