Published on 8/1/2018 in the Prospect News Structured Products Daily.
New Issue: Scotia prices $10.21 million market-linked step-up notes on Asian index, ETF basket
By Wendy Van Sickle
Columbus, Ohio, Aug. 1 – Bank of Nova Scotia priced $10.21 million of 0% market-linked step-up notes due Sept. 27, 2019 linked to an Asian equity index and ETF basket, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the Hang Seng China Enterprises index with an initial weight of 30%, the Taiwan Stock Exchange Capitalization Weighted Stock index with an initial weight of 25%, the Kospi 200 index with an initial weight of 20%, the iShares MSCI India ETF with an initial weight of 15% and the WisdomTree India Earnings Fund with a 10% initial weight.
If the basket finishes above its step-up level – 112% of the initial level – the payout at maturity will be par plus the gain.
If the basket gains by up to the step-up level, the payout will be par plus the step-up return of 12%.
Investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
| Issuer: | Bank of Nova Scotia
|
| Issue: | Market-linked step-up notes
|
| Underlying basket: | Hang Seng China Enterprises index with an initial weight of 30%, Taiwan Stock Exchange Capitalization Weighted Stock index with an initial weight of 25% Kospi 200 index with an initial weight of 20%, iShares MSCI India ETF with an initial weight of 15% and the WisdomTree India Earnings Fund with a 10% initial weight
|
| Amount: | $10,209,280
|
| Maturity: | Sept. 27, 2019
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| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If basket finishes at or above the step-up level, par plus gain; if basket gains by up to step-up level, par plus 12%; exposure to declines
|
| Initial index levels: | 11,021.35 for Hang Seng, 11,010.61 for Taiwan Stock, 296.95 for Kospi, $34.80 for iShares MSCI India, $26.14 for WisdomTree India
|
| Step-up level: | 112% of initial basket level
|
| Pricing date: | July 26
|
| Settlement date: | Aug. 2
|
| Underwriter: | BofA Merrill Lynch
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| Fees: | 2%
|
| Cusip: | 064161169
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