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Scotiabank plans market-linked step-up notes linked to S&P 500 index
By Sarah Lizee
Olympia, Wash., Sept. 4 – Bank of Nova Scotia plans to price 0% market-linked step-up notes due September 2023 linked to the S&P 500 index, according to an FWP with the Securities and Exchange Commission.
If the index finishes at or above the step-up value – 124% to 130% of the initial level – the payout at maturity will be par of $10 plus the index gain. The exact step-up value will be set at pricing.
If the index is unchanged or gains by up to the step-up level, the payout will be par plus the step-up payment of 24% to 30%.
Investors will receive par if the index declines by up to 15% and will lose 1% for each 1% decline beyond 15%.
BofA Merrill Lynch is the agent.
The notes will price in September and settle in October.
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