New Issue: Scotiabank prices $27.28 million market-linked step-up notes tied to S&P

By Susanna Moon

Chicago, Oct. 22 – Bank of Nova Scotia priced $27.28 million of market-linked step-up notes due Sept. 29, 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 – 125.81% 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 25.81%.

If the index falls by up to 15%, the payout will be par.

Otherwise, investors will lose 1% for each 1% decline the buffer.

BofA Merrill Lynch is the agent.

Issuer:	Bank of Nova Scotia
Issue:	Market-linked step-up notes
Underlying index:	S&P 500
Amount:	$27,282,070
Maturity:	Sept. 29, 2023
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index finishes above step-up level, par plus gain; if index gains up to step-up level, par plus 25.81%; if index falls by up to 15%, par; otherwise, exposure to losses beyond 15%
Initial level:	2,914.00
Step-up level:	3,666.10, 125.81% of initial level
Pricing date:	Sept. 27
Settlement date:	Oct. 4
Underwriter:	BofA Merrill Lynch
Fees:	2.5%
Cusip:	06417P702

© 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.