By Devika Patel
Knoxville, Tenn., July 29 – Bank of Nova Scotia offered further details, including the co-managers, ratings and settlement date, about a $1 billion sale of 0.65% three-year sustainability notes (A2/A+/AA-) that were sold with a spread of Treasuries plus 32 basis points on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.911 to yield 0.68%.
Initial price talk was in the Treasuries plus 50 bps area.
Scotia Capital (USA) Inc., BNP Paribas Securities Corp. and Morgan Stanley & Co. LLC were the bookrunners. Scotia and BNP were the sustainability structuring agents.
Proceeds will be used for eligible green projects under the bank’s green bond framework. Sustainalytics gave a second opinion on the framework.
The financial services company is based in Toronto.
| Issuer: | Bank of Nova Scotia
|
| Description: | Sustainability notes
|
| Amount: | $1 billion
|
| Maturity: | July 31, 2024
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| Bookrunners: | Scotia Capital (USA) Inc., BNP Paribas Securities Corp. and Morgan Stanley & Co. LLC
|
| Co-managers: | R. Seelaus & Co., LLC, Samuel A. Ramirez & Co. Inc. and Siebert Williams Shank & Co., LLC
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| Sustainability structuring: | Scotia Capital (USA) Inc. and BNP Paribas Securities Corp.
|
| Sustainability assessment: | Sustainalytics
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| Trustee: | Computershare Trust Co., NA and Computershare Trust Co. of Canada
|
| Issuer’s counsel: | Osler, Hoskin & Harcourt LLP, Shearman & Sterling LLP
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| Underwriters’ counsel: | Mayer Brown LLP
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| Coupon: | 0.65%
|
| Price: | 99.911
|
| Yield: | 0.68%
|
| Spread: | Treasuries plus 32 bps
|
| Trade date: | July 27
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| Settlement date: | Aug. 3
|
| Ratings: | Moody’s: A2
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| S&P: A+
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| Fitch: AA-
|
| Distribution: | SEC registered
|
| Guidance: | Treasuries plus 50 bps area
|
| Cusip: | 0641596E1
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