Published on 5/1/2017 in the Prospect News Structured Products Daily.
New Issue: Scotiabank prices $19.87 million autocallable step-up notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., May 1 – Bank of Nova Scotia priced $19.87 million of 0% autocallable market-linked step-up notes due April 28, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par of $10 plus a call premium of 5.25% per year if the index closes at or above the initial index level on any annual call observation date.
If the notes are not called and the final index level is greater than the step-up value, 135% of the initial index level, the payout at maturity will be par plus the index return.
If the final index level is greater than or equal to the initial level but less than or equal to the step-up value, the payout will be par plus the step-up payment, 35%.
If the final index level is greater than or equal to the threshold value, 85% of the initial index level, but less than the initial index level, the payout will be par.
If the final index level is less than the threshold value, investors will lose 1% for every 1% that the index declines beyond 15%.
BofA Merrill Lynch is the agent.
| Issuer: | Bank of Nova Scotia
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | S&P 500
|
| Amount: | $19,872,840
|
| Maturity: | April 28, 2023
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If final index level is greater than step-up value, par plus index return; if final index level is greater than or equal to initial level but less than or equal to step-up value, par plus 35%; if final index level is greater than or equal to threshold value but less than initial level, par; if final index level is less than threshold value, 1% loss for every 1% that index declines beyond 15%
|
| Call: | At par plus 5.25% per year if index closes at or above initial index level on May 4, 2018, April 18, 2019, April 17, 2020, April 23, 2021 or April 22, 2022
|
| Initial index level: | 2,388.77
|
| Step-up value: | 3,224.84, 135% of initial level
|
| Threshold value: | 2,030.45, 85% of initial level
|
| Pricing date: | April 27
|
| Settlement date: | May 5
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 2% plus 0.75% hedging-related charges
|
| Cusip: | 064160344
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
