By Wendy Van Sickle
Columbus, Ohio, Feb. 16 – Bank of Nova Scotia price $2.69 million of 6% STEP Income Securities due Feb. 27, 2017 linked to the common stock of General Dynamics Corp., according to a 424B5 filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the price of General Dynamics shares finishes at or above the step level – 106% of the initial price – the payout at maturity will be par of $10 plus a step payment of 6.02%.
If the stock finishes at or above the initial level but below the step level, the payout at maturity will be par.
Investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
Issuer: | Bank of Nova Scotia
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Issue: | STEP Income Securities
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Underlying stock: | General Dynamics Corp. (NYSE: GD)
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Amount: | $2,685,700
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Maturity: | Feb. 27, 2017
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Coupon: | 6%, payable quarterly
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Price: | Par of $10.00
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Payout at maturity: | If final price of General Dynamics stock is greater than or equal to step level, par plus 6.02%; if final share price is greater than or equal to initial share price but less than step level, par; if final share price is less than initial share price, full exposure to losses
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Initial share price: | $128.24
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Step level: | $135.93, 106% of initial share price
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Pricing date: | Feb. 11
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Settlement date: | Feb. 18
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Agent: | BofA Merrill Lynch
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Fees: | 1.75%
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Cusip: | 064160807
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