Published on 7/5/2023 in the Prospect News Structured Products Daily.
New Issue: Scotiabank sells $8.72 million leveraged market-linked step-up notes on index basket
By Wendy Van Sickle
Columbus, Ohio, July 5 – Bank of Nova Scotia priced $8.72 million of 0% leveraged market-linked step-up notes due June 26, 2025 tied to a weighted basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the Euro Stoxx 50 index with a 40% weight, the FTSE 100 index with a 20% weight, the Nikkei Stock Average index with a 20% weight, the Swiss Market index with a 7.5% weight, the S&P/ASX 200 index with a 7.5% weight and the FTSE China 50 index with a 5% weight.
If the basket finishes above the step-up value, 115% of the initial value, the payout at maturity will be par plus 1.49 times the return of the basket.
If the basket return is zero or positive but the basket finishes at or below the step-up value, the payout will be par plus the step-up payment of 15%.
Investors will be fully exposed to any basket decline.
BofA Securities, Inc. is the underwriter.
| Issuer: | Bank of Nova Scotia
|
| Issue: | Leveraged market-linked step-up notes
|
| Underlying indexes: | Euro Stoxx 50 index (40% weight), FTSE 100 index (20% weight), Nikkei Stock Average index (20% weight), Swiss Market index (7.5% weight), S&P/ASX 200 index (7.5% weight), FTSE China 50 index (5% weight)
|
| Amount: | $8,715,830
|
| Maturity: | June 26, 2025
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If basket finishes above step-up value, par plus 1.49 times basket return; if basket stays flat or gains but finishes at or below step-up value, par plus 15%; otherwise, full exposure to basket decline
|
| Initial levels: | 4,354.69 for Stoxx, 7,471.69 for FTSE, 33,234.14 for Nikkei, 11,170.51 for Swiss, 7,194.912 for S&P/ASX, 12,353.97 for FTSE China
|
| Step-up value: | 115% of initial value
|
| Pricing date: | June 29
|
| Settlement date: | July 7
|
| Underwriter: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 06418G537
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
