By Wendy Van Sickle
Columbus, Ohio, June 26 – Bank of Nova Scotia priced $10 million of autocallable contingent coupon buffer notes with memory coupon due June 28, 2024 linked to the SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 10.6908% if the ETF closes at or above its 90% coupon barrier on the corresponding observation date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be called at par plus the contingent coupon if the shares close at or above the initial share price on any monthly determination date.
If the final share price is greater than or equal to the downside threshold level, 90% of initial level, the payout at maturity will be par plus all unpaid coupons.
Otherwise, investors will lose 1.1111% for every 1% decline of the ETF beyond 10%.
Scotia Capital (USA) Inc. is the agent with J.P. Morgan Securities LLC as dealer.
| Issuer: | Bank of Nova Scotia
|
| Issue: | Autocallable contingent coupon buffer notes with memory coupon
|
| Underlying fund: | SPDR S&P 500 ETF trust
|
| Amount: | $10,000,000
|
| Maturity: | June 28, 2024
|
| Coupon: | 10.6908% per year, payable monthly if shares close at or above coupon barrier level on the relevant observation date; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | Par plus the final coupon unless ETF finishes below downside threshold level, in which case investors will lose 1.1111% for every 1% decline of the ETF beyond 10%
|
| Call: | At par plus contingent coupon if shares close at or above initial share price on any monthly determination date
|
| Initial share price: | $434.94
|
| Coupon barrier: | $391.45; 90% of initial share price
|
| Downside threshold: | $391.45; 90% of initial share price
|
| Strike date: | June 21
|
| Trade date: | June 22
|
| Settlement date: | June 27
|
| Agent: | Scotia Capital (USA) Inc. with J.P. Morgan Securities LLC as dealer
|
| Fees: | 0.1%
|
| Cusip: | 06417YKS7
|
|
|
© 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.
