Scotiabank preps five-part offer of fixed- and floating-rate notes

By Cristal Cody

Chicago, Jan. 3 – Bank of Nova Scotia is in the market with a five-part offering of notes, comprised of both fixed- and floating-rate tranches, according to a market source.

The bank is offering to sell two pairs of notes due 2025 and 2027 and a stand-alone tranche due in 2032.

The first pair contains one floating-rate tranche and one fixed-rate tranche due Jan. 10, 2025.

The floating-rate tranche will be based on SOFR with the spread equivalent to the fixed-rate tranche.

The fixed-rate tranche is being talked for a spread in the area of 65 basis points over Treasuries.

The second set is similarly structured but due Feb. 2, 2027.

The floating-rate tranche will also be based on SOFR plus a spread equivalent to its fixed-rate counterpart.

The fixed-rate notes in the pair are being talked in the Treasuries plus 80 bps area.

For the fifth tranche, Scotiabank is marketing notes due Feb. 2, 2032 with a spread in the Treasuries plus 105 bps area.

Bookrunners for the notes are Scotia Capital (USA) Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and UBS Securities LLC.

The bank is based in Toronto.

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