By William Gullotti
Buffalo, N.Y., May 24 – Bank of Nova Scotia priced $1.71 million of autocallable contingent coupon notes with memory coupon due June 6, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at a 11.3% annualized rate if the index closes at or above the barrier level, 75% of the initial level, on the relevant review date. Previously unpaid coupons, if any, will be automatically included whenever a contingent coupon is paid.
If the index closes at or above the initial level on any quarterly review date other than the final, the notes will be called at par plus the contingent coupon and any previously unpaid contingent coupons.
If the notes are not called and the index finishes at or above the 75% barrier level, the payout at maturity will be par plus all unpaid coupons. Otherwise, investors will be exposed to the index’s decline from the initial level.
Scotia Capital (USA) Inc. is the agent with J.P. Morgan Securities LLC as placement agent.
| Issuer: | Bank of Nova Scotia
|
| Issue: | Autocallable contingent coupon notes with memory coupon
|
| Underlying index: | S&P 500 index
|
| Amount: | $1,706,000
|
| Maturity: | June 6, 2023
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| Coupon: | 11.3% per year, payable quarterly if the index closes at or above its barrier level on the relevant observation dates; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | If the index finishes at or above barrier level, par plus all unpaid coupons; otherwise, investors will be exposed to the index’s decline from the initial level
|
| Call: | Automatically at par plus coupon if the index closes at or above initial level on any quarterly review date other than the final one
|
| Initial index level: | 3,900.79
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| Barrier level: | 2,925.59; 75% of initial level
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| Strike date: | May 19
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| Pricing date: | May 20
|
| Settlement date: | May 25
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| Agent: | Scotia Capital (USA) Inc.
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 06416DBC9
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