New Issue: Scotiabank prices $6.82 million market-linked step-up notes tied to S&P

By Sarah Lizee

Olympia, Wash., May 1 – Bank of Nova Scotia priced $6.82 million of market-linked step-up notes due April 30, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes at or above the step-up value – 112.4% 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 12.4%.

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

BofA Merrill Lynch is the agent.

Issuer:	Bank of Nova Scotia
Issue:	Market-linked step-up notes
Underlying index:	S&P 500
Amount:	$6,816,420
Maturity:	April 30, 2021
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 12.4%; otherwise, exposure to losses
Initial level:	2,926.17
Step-up level:	3,289.02, 112.4% of initial level
Pricing date:	April 25
Settlement date:	May 2
Underwriter:	BofA Merrill Lynch
Fees:	2%
Cusip:	06417P447

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