By Wendy Van Sickle
Columbus, Ohio, March 11 – Bank of Nova Scotia priced $10 million of contingent coupon buffered autocallable yield notes due March 20, 2028 linked to the least performing of the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 7.35% if each index closes at or above its 85% coupon barrier on the related quarterly observation date.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date after one year.
The payout at maturity will be par unless any index falls by more than 15%, in which case investors will lose 1% for each 1% decline of the worst performing index beyond the 15% buffer.
Scotia Capital is the agent with Goldman Sachs & Co. LLC as a dealer.
Issuer: | Bank of Nova Scotia
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Issue: | Contingent coupon buffered autocallable yield notes
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Underlying indexes: | S&P 500 index and Dow Jones industrial average
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Amount: | $10 million
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Maturity: | March 20, 2028
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Coupon: | 7.35% annualized, payable quarterly if each index closes at or above its coupon barrier on related quarterly observation date
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Price: | Par
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Payout at maturity: | Par unless any index falls by more than 15%, in which case 1% loss for each 1% decline of worst performing index beyond 15%
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Call: | At par if each index closes at or above initial level on any quarterly observation date after one year
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Initial index levels: | 3,130.12 for S&P, 27,090.86 for Dow
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Coupon barriers/buffers: | 2,660.602 for S&P, 23,027.231 Dow; 85% of initial levels
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Agent: | Scotia Capital (USA) LLC with Goldman Sachs & Co. LLC as a dealer
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Pricing date: | March 3
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Settlement date: | March 10
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Fees: | 0.75%
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Cusip: | 064159TK2
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