By Wendy Van Sickle
Columbus, Ohio, May 3 – Bank of Nova Scotia priced $19.38 million of 0% autocallable market-linked step-up notes due April 27, 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 9.15% if the index closes at or above its initial level on any annual observation date.
If the index finishes above the step-up value, 145% 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 45%.
Investors will receive par if the index fall by up to 15%. Otherwise, investors will lose 1% for every 1% decline of the index beyond 15%.
BofA Securities, Inc. is the agent.
| 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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| Amount: | $19,376,880
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| Maturity: | April 27, 2029
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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 level, par plus the index gain; if index finishes flat or gains by up to the step-up level, par plus 45%; par if index falls by up to 15%; exposure to loss beyond 15%
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| Call: | At par plus 9.15% per year if the index closes at or above its initial level on any annual observation date
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| Initial level: | 4,135.35
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| Step-up value: | 5,996.26; 145% of initial level
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| Threshold value: | 3,515.05; 85% of initial level
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| Pricing date: | April 27
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| Settlement date: | May 4
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| Underwriter: | BofA Securities, Inc.
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| Fees: | 2%
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| Cusip: | 06418G776
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