By Jennifer Chiou
New York, June 26 - Bank of Nova Scotia priced $5 million of callable steepener notes due June 27, 2033, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at 8.1% for the first year. After that, the rate will be four times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate minus 75 basis points, subject to a maximum rate of 8.1%. Interest is payable semiannually and cannot be less than zero.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date after one year.
Scotia Capital (USA) Inc. is the underwriter.
| Issuer: | Bank of Nova Scotia
|
| Issue: | Callable steepener notes
|
| Amount: | $5 million
|
| Maturity: | June 27, 2033
|
| Coupon: | 8.1% for one year; then four times spread of 30-year CMS rate over two-year CMS rate minus 75 bps, capped at 8.1%, floor of zero; payable semiannually
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates beginning on June 27, 2014
|
| Pricing date: | June 24
|
| Settlement date: | June 27
|
| Underwriter: | Scotia Capital (USA) Inc.
|
| Fees: | 3%
|
| Cusip: | 064159CK0
|
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