By Taylor Fox
New York, Aug. 30 – Bank of Nova Scotia priced $20 million of 0% step-down trigger autocallable notes due Feb. 27, 2025 linked to the least performing of the common stocks of American Express Co., CVS Health Corp. and Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annual rate of 13.25% if the lesser-performing stock closes at or above its initial level on any annual observation date.
If the lesser-performing stock finishes at or above its 60% downside threshold, the payout at maturity will be par plus the final call return. Otherwise, investors will lose 1% for each 1% decline of the least-performing stock.
Scotia Capital (USA) Inc. and UBS Financial Services Inc. are the agents.
| Issuer: | Bank of Nova Scotia
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| Issue: | Step-down trigger autocallable notes
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| Underlying stocks: | American Express Co., CVS Health Corp. and Wells Fargo & Co.
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| Amount: | $20 million
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| Maturity: | Feb. 27, 2025
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| Coupon: | 0%
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| Price: | Par of $10
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| Call: | At par plus an annual rate of 13.25% if the least-performing stock closes at or above its initial level on any annual observation date
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| Payout at maturity: | At par plus the final call return unless least-performing stock finishes below downside threshold, in which case 1% loss for each 1% decline of least-performing stock
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| Initial stock levels: | $135.95 for American Express, $70.48 for CVS and $37.26 for Wells Fargo
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| Downside thresholds: | $81.57 for American Express, $42.29 for CVS and $22.36 for Wells Fargo; 60% of initial levels
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| Pricing date: | Feb. 24
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| Settlement date: | Feb. 26
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| Agents: | Scotia Capital (USA) Inc. and UBS Financial Services Inc.
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| Fees: | 0.6%
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| Cusip: | 06417T365
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