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Scotiabank plans two-year Accelerated Return Notes linked to S&P 500
By Toni Weeks
San Luis Obispo, Calif., June 5 – Bank of Nova Scotia plans to price 0% Accelerated Return Notes due June 2017 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus triple any index gain, up to a maximum return of 15% to 19%. The exact cap will be set at pricing.
Investors will be exposed to any losses.
The initial index level will be the lowest closing level of the index during a one-month period beginning on the pricing date. The final index level will be the average of the closing levels of the index on five trading days shortly before the maturity date.
BofA Merrill Lynch is the agent.
The notes will price in June and settle in July.
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