By Wendy Van Sickle
Columbus, Ohio, Dec. 4 – Bank of Nova Scotia priced $2.5 million of 0% autocallable contingent coupon buffer notes with memory coupon due Dec. 13, 2024 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 an annual rate of 9.04% if the index closes at or above its coupon barrier, 95% of its initial level, on the related observation date. Previously unpaid coupons will also be paid.
The notes will be called at par plus the coupon if the index closes at or above its initial level on any quarterly observation date prior to the final valuation date.
The payout at maturity will be par plus the coupon unless the index finishes below the 95% buffer, in which case investors will lose 1.0526% for each 1% decline of the index beyond the 5% buffer.
Scotia Capital (USA) Inc. is the agent. J.P. Morgan Securities LLC is the placement agent.
| Issuer: | Bank of Nova Scotia
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| Issue: | Autocallable contingent coupon buffer notes with memory coupon
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| Underlying index: | S&P 500 index
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| Amount: | $2.5 million
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| Maturity: | Dec. 13, 2024
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| Coupon: | 9.04% annual rate, payable each quarter that the index closes at or above coupon barrier on observation date for that period; previously unpaid coupons will also be paid
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| Price: | Par
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| Payout at maturity: | Par plus coupon if index closes above buffer; otherwise, 1.0526% for each 1% decline of index beyond buffer
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| Call: | At par plus coupon if the index closes at or above initial level on any quarterly observation date prior to final valuation date
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| Initial level: | 4,554.89
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| Coupon barrier level: | 4,327.15, 95% of initial level
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| Buffer level: | 4,327.15, 95% of initial level
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| Strike date: | Nov. 28
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| Pricing date: | Nov. 29
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| Settlement date: | Dec. 4
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| Agent: | Scotia Capital (USA) Inc.
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| Placement agent: | J.P. Morgan Securities LLC
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| Fees: | 0.1%
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| Cusip: | 06417YXK0
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