By William Gullotti
Buffalo, N.Y., Sept. 27 – Bank of Nova Scotia priced $9.02 million of trigger autocallable contingent yield notes due Sept. 25, 2025 linked to the SPDR S&P MidCap 400 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at the rate of 9.4% per year if the ETF closes at or above the coupon barrier, 70% of the initial level, on the corresponding observation date.
The notes will be automatically called at par plus coupon if the ETF 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, 70% of the initial level, the payout at maturity will be par plus the final coupon. 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
|
| Issue: | Trigger autocallable contingent yield notes
|
| Underlying fund: | SPDR S&P MidCap 400 ETF Trust
|
| Amount: | $9,015,000
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| Maturity: | Sept. 25, 2025
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| Contingent coupon: | 9.4% annual rate, payable quarterly if ETF closes at or above coupon barrier on related observation date
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus final coupon unless ETF finishes below downside threshold, in which case 1% loss for each 1% decline from initial level
|
| Call: | Automatically at par plus coupon if ETF closes at or above initial level on any quarterly observation date after six months
|
| Initial level: | $416.60
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| Coupon barrier: | $291.62; 70% of initial level
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| Downside threshold: | $291.62; 70% of initial level
|
| Pricing date: | Sept. 22
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| Settlement date: | Sept. 27
|
| Agents: | UBS Financial Services Inc. and Scotia Capital (USA) Inc.
|
| Fees: | 2%
|
| Cusip: | 06417U446
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