Published on 10/11/2023 in the Prospect News Structured Products Daily.
New Issue: Scotia prices $5.65 million callable contingent income securities on S&P
New York, Oct. 11 – Bank of Nova Scotia priced $5.65 million of callable contingent income securities due Oct. 9, 2025 linked to S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.4%, payable quarterly if the index closes above 75% of its initial level on the related observation date.
The securities may be called starting Jan. 8, 2024 at par and on any subsequent quarterly review date.
At maturity the payout will be par unless the underlying index closes below its downside threshold in which case investors will be fully exposed to the decline of the index.
Scotia Capital is the agent.
Issuer: | Bank of Nova Scotia
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Issue: | Callable contingent income securities
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Underlying index: | S&P 500 index
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Amount: | $5,652,000
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Maturity: | Oct. 9, 2025
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Coupon: | 8.4%, payable quarterly if index closes above 75% of initial level on observation date
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Price: | Par
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Payout at maturity: | Par unless the index closes below its downside threshold level in which case investors will be fully exposed to the decline in the underlying index
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Call: | Starting Jan. 8, 2024 at par and on any subsequent quarterly review date
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Initial level: | 4,308.5
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Downside threshold: | 3,231.375, 75% of initial level
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Pricing date: | Oct. 6
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Settlement date: | Oct. 12
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Agent: | Scotia Capital
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Fees: | 2%
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Cusip: | 06417YVM8
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