By Aleesia Forni
New York, March 17 – The Bank of Nova Scotia was in Thursday’s market with a $1.4 billion offering of 2.45% senior notes (Aa3/A+) priced at a spread of Treasuries plus 112 basis points, according to a market source and an FWP filed with the Securities and Exchange Commission.
The notes sold at 99.794 to yield 2.494%.
Pricing came at the tight side of guidance set in the 115 bps area over Treasuries, which had firmed from talk in the 120 bps to 125 bps range over Treasuries.
Scotia Capital (USA) Inc., BofA Merrill Lynch, Barclays, Goldman Sachs & Co. and J.P. Morgan Securities LLC are the underwriters.
Proceeds will be added to the bank’s funds and will be used for general business purposes.
The financial services company is based in Toronto.
| Issuer: | Bank of Nova Scotia
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| Amount: | $1.4 billion
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| Description: | Senior notes
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| Maturity: | March 22, 2021
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| Bookrunners: | Scotia Capital (USA) Inc., BofA Merrill Lynch, Barclays, Goldman Sachs & Co., J.P. Morgan Securities LLC
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| Co-managers: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, UBS Securities LLC, Wells Fargo Securities LLC
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| Coupon: | 2.45%
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| Price: | 99.794
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| Yield: | 2.494%
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| Spread: | Treasuries plus 112 bps
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| Trade date: | March 17
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| Settlement date: | March 22
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| Price guidance: | Treasuries plus 115 bps area (+/- 3 bps), tightened from Treasuries plus 120 bps to 125 bps
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| Ratings: | Moody’s: Aa3
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| Standard & Poor’s: A+
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| Distribution: | SEC registered
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