By Wendy Van Sickle
Columbus, Ohio, Dec. 9 – Bank of Nova Scotia priced $10 million of autocallable contingent coupon buffered notes with memory coupon due Dec. 7, 2021 linked to the VanEck Vectors Oil Services ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 14% if the ETF closes at or above its 70% coupon barrier on the related quarterly observation date, in which case any previously unpaid coupon will also be paid.
The notes will be called at par if the ETF closes at or above its initial level on any quarterly observation date after one year.
The payout at maturity will be par unless the ETF falls by more than 30%, in which case investors will lose 1.4286% for each 1% decline of the ETF beyond the 30% buffer.
Scotia Capital is the agent with J.P. Morgan Securities LLC as a dealer.
| Issuer: | Bank of Nova Scotia
|
| Issue: | Autocallable contingent coupon buffered notes with memory coupon
|
| Underlying ETF: | VanEck Vectors Oil Services ETF
|
| Amount: | $10 million
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| Maturity: | Dec. 7, 2021
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| Coupon: | 14% annualized, payable quarterly if the ETF closes at or above its coupon barrier on related quarterly observation date in which case a coupon will also be paid for any previously unpaid quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless the ETF falls by more than 30%, in which case 1.4286% loss for each 1% decline of the ETF beyond 30%
|
| Call: | At par if the ETF closes at or above initial level on any quarterly observation date after one year
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| Initial ETF level: | $143.90
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| Coupon barrier/buffer: | $100.73; 70% of initial level
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| Agent: | Scotia Capital (USA) LLC with J.P. Morgan Securities LLC as a dealer
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| Pricing date: | Dec. 2
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| Settlement date: | Dec. 7
|
| Fees: | 0.5%
|
| Cusip: | 064159F68
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