By Kiku Steinfeld
Chicago, April 29 – Bank of Nova Scotia priced $1.3 million of trigger autocallable contingent yield notes due April 11, 2024 linked to the SPDR S&P Metals and Mining exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 10.25% per year if the fund closes at or above the coupon barrier, 60% of the initial level, on the observation date for that quarter.
The notes will be automatically called at par of $10 if the fund closes at or above the initial level on any quarterly observation date after six months.
If the notes are not called and the final level is greater than or equal to the downside threshold level, 60% of the initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the final level is less than the initial level.
UBS Financial Services Inc. and Scotia Capital (USA) Inc. are the agents.
| Issuer: | Bank of Nova Scotia
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying fund: | SPDR S&P Metals and Mining exchange-traded fund
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| Amount: | $1,300,270
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| Maturity: | April 11, 2024
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| Contingent coupon: | 10.25% annual rate, payable quarterly if fund closes at or above coupon barrier on related quarterly observation date
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| Price: | Par of $10
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| Payout at maturity: | Par unless fund finishes below downside threshold, in which case 1% loss for each 1% decline from initial level
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| Call: | Automatically at par if fund closes at or above initial level on any quarterly observation date after six months
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| Initial level: | $40.02
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| Coupon barrier: | $24.01, 60% of initial level
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| Downside threshold: | $24.01, 60% of initial level
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| Pricing date: | April 7
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| Settlement date: | April 12
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| Agents: | UBS Financial Services Inc. and Scotia Capital (USA) Inc.
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| Fees: | 0%
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| Cusip: | 06417T456
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