By Wendy Van Sickle
Columbus, Ohio, Sept. 21 – Bank of Nova Scotia priced $21.96 million of trigger autocallable contingent yield notes due Sept. 21, 2027 linked to the least performing of the SPDR S&P Regional Banking ETF and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10% if each ETF closes at or above its coupon barrier, 60% of its initial level, on the relevant observation date.
The notes will be called at par of $10 plus the contingent coupon if each ETF closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon if each ETF finishes at or above the downside threshold level, 60% of its initial level. Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.
UBS Financial Services Inc. and Scotia Capital (USA) Inc. are the agents.
| Issuer: | Bank of Nova Scotia
|
| Issue: | Trigger autocallable contingent yield notes
|
| Underlying ETFs: | SPDR S&P Regional Banking ETF and SPDR S&P 500 ETF Trust
|
| Amount: | $21,962,280
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| Maturity: | Sept. 21, 2027
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| Contingent coupon: | 10% annual rate, payable quarterly if each index closes at or above coupon barrier level on related quarterly observation date
|
| Price: | Par of $10
|
| Payout at maturity: | If index’s final level is greater than or equal to threshold level, par; otherwise, 1% loss for every 1% decline from initial level
|
| Call: | Automatically at par plus coupon if index closes at or above initial level on any quarterly observation date after six months
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| Initial ETF levels: | $62.95 for Regional Banking, $385.56 for SPDR
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| Coupon barrier levels: | $37.77 for Regional Banking, $231.34 for SPDR; 60% of initial levels
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| Downside thresholds: | $37.77 for Regional Banking, $231.34 for SPDR; 60% of initial levels
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| Pricing date: | Sept. 16
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| Settlement date: | Sept. 21
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| Agents: | UBS Financial Services Inc. and Scotia Capital (USA) Inc.
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| Fees: | 2.25%
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| Cusip: | 06417U404
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