By Marisa Wong
Morgantown, W.Va., March 21 – Bank of Nova Scotia priced $18.52 million of 0% autocallable market-linked step-up notes due March 26, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index closes at or above its initial level on an annual observation date, the notes will be called at par plus a premium of 8.3% a year.
If the index finishes above the step-up level – 121% of the initial level – the payout at maturity will be par of $10 plus the index gain.
If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 21%.
Investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
| Issuer: | Bank of Nova Scotia
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | S&P 500
|
| Amount: | $18,515,350
|
| Maturity: | March 26, 2021
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Call: | At par plus 8.3% a year premium if index closes at or above initial level on an annual observation date
|
| Payout at maturity: | If the index finishes above the step-up level, par plus the index gain; if the index gains up to the step-up level, par plus 21%; exposure to any losses
|
| Initial level: | 2,747.33
|
| Step-up value: | 3,324.27, 121% of initial level
|
| Pricing date: | March 15
|
| Settlement date: | March 22
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 064161573
|
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