By Toni Weeks
San Luis Obispo, Calif., Dec. 24 - Bank of Nova Scotia priced $786,000 of autocallable contingent interest barrier notes due Dec. 27, 2016 linked to the common stock of Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at a rate of 9% 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 Dec. 20, 2014, 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.
| Issuer: | Bank of Nova Scotia
|
| Issue: | Autocallable contingent interest barrier notes
|
| Underlying stock: | Microsoft Corp. (Symbol: MSFT)
|
| Amount: | $786,000
|
| Maturity: | Dec. 27, 2016
|
| Coupon: | 9% annualized, if stock closes at or above 80% barrier level on quarterly interest payment date
|
| Price: | Par
|
| Payout at maturity: | Par if stock finishes at or above barrier level; otherwise, full exposure to losses
|
| Initial price: | $36.77
|
| Barrier level: | $29.416, 80% of initial price
|
| Trade date: | Dec. 20
|
| Settlement date: | Dec. 27
|
| Underwriter: | Scotia Capital (USA) Inc.
|
| Fees: | 2.5%
|
| Cusip: | 064159CW4
|
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