New Issue: Scotiabank prices $2.87 million bearish PLUS linked inversely to S&P

By William Gullotti

Buffalo, N.Y., Jan. 8 – Bank of Nova Scotia priced $2.87 million of 0% bearish Performance Leveraged Upside Securities due July 3, 2024 linked inversely to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 300% of the absolute value of any index decline, up to a maximum payment of par plus 33.5%.

Investors will lose 1% for each 1% index gain, with a minimum payout of zero.

Scotia Capital (USA) Inc. is the agent with Morgan Stanley Wealth Management handling distribution.

Issuer:	Bank of Nova Scotia
Issue:	Bearish Performance Leveraged Upside Securities
Underlying index:	S&P 500 index
Amount:	$2,868,000
Maturity:	July 3, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 300% of the absolute value of any index decline, up to a maximum payment of par plus 33.5%; otherwise, investors will lose 1% for each 1% index gain, with a minimum payout of zero
Initial level:	4,783.35
Pricing date:	Dec. 28
Settlement date:	Jan. 3
Agent:	Scotia Capital (USA) Inc. with Morgan Stanley Wealth Management handling distribution
Fees:	1.5%
Cusip:	06417YYM5

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