New Issue: Scotia prices $800,000 dual directional capped buffered notes on S&P

By Kiku Steinfeld

Chicago, April 8 – Bank of Nova Scotia priced $800,000 of 0% dual directional capped buffered notes due July 15, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index gains, the payout will be par plus the index return, capped at par plus 23%.

The payout will be par plus the absolute value of the index return if the index declines by no more than 20%.

Otherwise, investors will lose 1.25% for every 1% that the index declines beyond 20%.

Scotia Capital (USA) Inc. and J.P. Morgan Securities LLC are the agents.

Issuer:	Bank of Nova Scotia
Issue:	Dual directional capped buffered notes
Underlying index:	S&P 500 index
Amount:	$800,000
Maturity:	July 15, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If index gains, par plus index return, capped at par plus 23.5%; par plus absolute value of index return if index declines by no more than 20%; otherwise, 1.25% for every 1% that the index declines beyond 20%
Initial level:	4,398.95
Cap:	23%
Buffer level:	3,527.62, 80% of initial level
Pricing date:	July 10, 2023
Settlement date:	July 13, 2023
Agents:	Scotia Capital (USA) Inc. and J.P. Morgan Securities LLC
Fees:	1.5%
Cusip:	06417YLM9

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