By William Gullotti
Buffalo, N.Y., Jan. 3 – Bank of Nova Scotia priced $22.91 million of 0% autocallable market-linked step-up notes due Jan. 2, 2029 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, 150% 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 50%.
If the index declines no more than 15%, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline of the index below 15%.
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: | $22,909,510
|
| Maturity: | Jan. 2, 2029
|
| 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 50%; if the index declines up to 15%, par; otherwise, investors will lose 1% for each 1% decline of the index beyond 15%
|
| 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: | 3,822.39
|
| Step-up value: | 5,733.59; 150% of initial level
|
| Threshold level: | 3,249.03; 85% of initial level
|
| Pricing date: | Dec. 22
|
| Settlement date: | Dec. 30
|
| Underwriter: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 06418B116
|
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