Published on 3/5/2024 in the Prospect News Structured Products Daily.
New Issue: Scotiabank sells $11.28 million autocallable Stars linked to weighted index basket
By William Gullotti
Buffalo, N.Y., March 5 – Bank of Nova Scotia priced $11.28 million of autocallable Strategic Accelerated Redemption Securities due Feb. 25, 2027 linked 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 Nikkei Stock Average index with a 20% weight, the FTSE 100 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.
The notes will be called at par plus an annualized call premium of 11.9% if the closing level of the basket is equal to or greater than its starting value on any yearly observation date.
If the notes are not called at maturity, investors will be fully exposed to the decline of the basket.
BofA Securities, Inc. is the agent.
| Issuer: | Bank of Nova Scotia
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| Issue: | Autocallable Strategic Accelerated Redemption Securities
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| Underlying indexes: | Euro Stoxx 50 (40% weight), Nikkei Stock Average (20% weight), FTSE 100 (20% weight), Swiss Market (7.5% weight), S&P/ASX 200 (7.5% weight), FTSE China 50 index (5% weight)
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| Amount: | $11,276,260
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| Maturity: | Feb. 25, 2027
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | Full exposure to loss if basket declines
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| Call: | Par plus 11.9% annualized call premium if the closing level of the basket is equal to or greater than its starting value on any yearly observation date
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| Initial index levels: | 4,877.77 for Euro Stoxx 50, 7,630.02 for FTSE 100, 39,166.19 for Nikkei Stock Average, 11,438.86 for Swiss Market, 7,698.699 for S&P/ASX 200, 10,883.74 for FTSE China 50
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| Pricing date: | Feb. 29
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| Settlement date: | March 8
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| Agent: | BofA Securities, Inc.
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| Fees: | 2%
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| Cusip: | 06418J689
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