By William Gullotti
Buffalo, N.Y., Sept. 27 – Bank of Nova Scotia priced $11.1 million of 0% autocallable market-linked step-up notes due Sept. 26, 2025 linked to the VanEck Vectors Gold Miners ETF, according to a 424B2 with the Securities and Exchange Commission.
The notes will be called at par plus an annual call premium of 18.15% if the ETF closes at or above its initial level on any annual observation date.
If the ETF finishes above the step-up value, 140% of the initial level, the payout at maturity will be par plus the ETF gain.
If the ETF finishes flat or gains by up to the step-up level, the payout will be par plus the step-up payment of 40%.
Investors will receive par if the ETF declines by no more than 15% and lose 1% for every 1% decline beyond 15%.
BofA Securities, Inc. is the agent.
| Issuer: | Bank of Nova Scotia
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying fund: | VanEck Vectors Gold Miners ETF
|
| Amount: | $11,097,300
|
| Maturity: | Sept. 26, 2025
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If the ETF finishes above the step-up level, par plus the ETF gain; if the ETF finishes flat or gains up to the step-up level, par plus 40%; if the ETF declines up to 15%, par; otherwise, investors will lose 1% for each 1% decline of the ETF beyond 15%
|
| Call: | At par plus 18.15% per year if the ETF closes at or above its initial level on annual observation date
|
| Initial level: | $23.74
|
| Step-up value: | $33.24; 140% of initial level
|
| Buffer level: | $20.18; 85% of initial level
|
| Pricing date: | Sept. 22
|
| Settlement date: | Sept. 29
|
| Underwriter: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 06418B272
|
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