By William Gullotti
Buffalo, N.Y., May 24 – Bank of Nova Scotia priced $28.63 million of 0% autocallable market-linked step-up notes due June 2, 2025 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 annualized call premium of 10.6% if the index closes at or above its initial level on any annual observation date.
If the index finishes above the step-up value, 125% 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 25%.
If the index declines no more than 10%, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline of the index below 10%.
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: | $28,625,350
|
| Maturity: | June 2, 2025
|
| 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 25%; if the index declines up to 10%, par; otherwise, investors will lose 1% for each 1% decline of the index beyond 10%
|
| Call: | At par plus 10.6% per year if the index closes at or above its initial level on any annual observation date
|
| Initial level: | 3,900.79
|
| Step-up value: | 4,875.99; 125% of initial level
|
| Threshold level: | 3,510.71; 90% of initial level
|
| Pricing date: | May 19
|
| Settlement date: | May 26
|
| Underwriter: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 06418B744
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
