By Marisa Wong
Madison, Wis., Sept. 26 – Bank of Nova Scotia priced $1 million of callable contingent interest range accrual barrier notes due Sept. 29, 2024 linked to the S&P 500 index, according to a 424B5 filing with the Securities and Exchange Commission.
Interest will accrue at a rate for each day that the index closes at or above 75% trigger level. The rate will be 5.5% for the first 12 quarterly periods, stepping up to 6.5% for the next 12 quarters and to 7.5% for the final 16 quarters. Interest is payable quarterly.
The payout at maturity will be par unless the index finishes below the 50% barrier level, in which case investors will be fully exposed to any losses.
The notes will be callable at par on any interest payment date beginning Sept. 29, 2015.
Scotia Capital (USA) Inc. is the agent.
| Issuer: | Bank of Nova Scotia
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| Issue: | Callable contingent interest range accrual barrier notes
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| Underlying index: | S&P 500
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| Amount: | $1 million
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| Maturity: | Sept. 29, 2024
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| Coupon: | An applicable rate for each day that index closes at or above 75% trigger level; rate will be 5.5% for first 12 quarterly periods, stepping up to 6.5% for next 12 quarters and to 7.5% for final 16 quarters; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par unless index finishes below 50% barrier level, in which case investors will be fully exposed to any losses
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| Call option: | At par on any interest payment date beginning Sept. 29, 2015
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| Initial index level: | 1,998.30
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| Pricing date: | Sept. 24
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| Settlement date: | Sept. 29
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| Agent: | Scotia Capital (USA) Inc.
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| Fees: | 3%
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| Cusip: | 064159FU5
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