By Marisa Wong
Los Angeles, Dec. 29 – Bank of Nova Scotia priced $22.93 million of 0% market-linked step-up notes due Dec. 30, 2024 linked to the Stoxx Global Select Dividend 100 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes above the step-up value, 145.55% of the initial value, the payout at maturity will be par of $10 plus the index return.
If the index finishes at or below the step-up value but at or above the initial value, the payout will be par plus the step-up payment of 45.55%.
Investors will be fully exposed to any index decline.
The securities will be issued as sustainability bonds.
The issuer noted that the underlying index of the notes is not an ESG index. However, the issuer intends to use proceeds for financing or refinancing businesses or projects that meet eligibility criteria under the bank’s sustainable bond framework established in July.
BofA Securities, Inc. is the underwriter.
| Issuer: | Bank of Nova Scotia
|
| Issue: | Market-linked step-up notes (sustainability bonds)
|
| Underlying index: | Stoxx Global Select Dividend 100 index
|
| Amount: | $22,934,870
|
| Maturity: | Dec. 30, 2024
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If the index finishes above the step-up value, par plus the index return; if the index finishes at or below the step-up value but at or above the initial value, par plus 45.55%; full exposure to losses
|
| Initial value: | 3,024.27
|
| Step-up value: | 4,401.82, 145.55% of initial value
|
| Pricing date: | Dec. 27
|
| Settlement date: | Jan. 3
|
| Underwriter: | BofA Securities, Inc.
|
| Fees: | 2.25%
|
| Cusip: | 06417X515
|
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