By Sarah Lizee
Olympia, Wash., Sept. 9 – Bank of Nova Scotia priced $1.47 million of 0% market-linked autocallable securities with fixed percentage buffered downside due Sept. 6, 2022 linked to the VanEck Vectors Gold Miners ETF, 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 12% per year if the fund closes at or above the initial fund level on any of three annual call observation dates. The premium is 12% if the notes are called on Sept. 8, 2020, 24% if the notes are called on Sept. 7, 2021, and 36% if the notes are called on Aug. 29, 2022.
The payout at maturity will be par unless the fund falls by more than 10% in which case investors will be fully exposed to losses beyond the 10% buffer.
Scotia Capital Inc. (USA) and Wells Fargo Securities, LLC are the agents.
Issuer: | Bank of Nova Scotia
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Issue: | Market-linked autocallable securities with fixed-percentage buffered downside
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Underlying fund: | VanEck Vectors Gold Miners ETF
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Amount: | $1,465,000
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Maturity: | Sept. 6, 2022
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par unless fund falls by more than 10% in which case full exposure to losses beyond 10%
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Call: | Automatically at par plus a 12% per year fixed call premium if the fund closes at or above the initial fund level on any of three annual call observation dates
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Initial level: | $29.86
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Threshold level: | $26.874, 90% of initial level
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Pricing date: | Aug. 30
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Settlement date: | Sept. 5
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Underwriters: | Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC.
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Fees: | 3.15%
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Cusip: | 064159PR1
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