Scotiabank plans contingent interest barrier notes linked to Apple

By Marisa Wong

Madison, Wis., Jan. 14 - Bank of Nova Scotia plans to price autocallable contingent interest barrier notes due Jan. 27, 2017 linked to the common stock of Apple Inc., according to a 424B5 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at a rate of 10% per year if the stock closes at or above the 80% barrier price on the valuation date for that quarter. Otherwise no interest will be paid for that interest period.

If the stock closes at or above the initial price on any quarterly valuation date beginning on Jan. 24, 2015, the notes will automatically be called at par plus the contingent coupon.

If the stock finishes at or above the barrier price, the payout at maturity will be par plus the contingent interest payment.

Otherwise, investors will share in any losses.

Scotia Capital (USA) Inc. is the underwriter.

The notes will price on Jan. 24 and settle on Jan. 29.

The Cusip number is 064159DJ2.

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