By Kiku Steinfeld
Chicago, Aug. 8 – Bank of Nova Scotia priced $2.9 million of 0% market-linked autocallable securities with fixed percentage buffered downside due Aug. 5, 2022 linked to the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a fixed call premium of 10.5% per year if the fund closes at or above the initial fund level on any of three annual call observation dates. The premium is 10.5% if the notes are called on Aug. 5, 2020, 21% if the notes are called on Aug. 5, 2021, and 31.5% if the notes are called on July 29, 2022.
The payout at maturity will be par unless the fund falls by more than 15% in which case investors will be fully exposed to losses beyond the 15% buffer.
Scotia Capital Inc. (USA) and Wells Fargo Securities, LLC are the agents.
| Issuer: | Bank of Nova Scotia
|
| Issue: | Market-linked autocallable securities with fixed-percentage buffered downside
|
| Underlying fund: | SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $2,898,000
|
| Maturity: | Aug. 5, 2022
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par unless fund falls by more than 15% in which case full exposure to losses beyond 15%
|
| Call: | Automatically at par plus a 10.5% per year fixed call premium if the fund closes at or above the initial fund level on any of three annual call observation dates
|
| Initial level: | $25.03
|
| Threshold level: | $21.2755, 85% of initial level
|
| Pricing date: | July 31
|
| Settlement date: | Aug. 6
|
| Underwriters: | Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC.
|
| Fees: | 2.8%
|
| Cusip: | 064159PK6
|
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