Scotiabank plans callable step-up notes due 2031 with 3.5% start rate

By Marisa Wong

Madison, Wis., April 17 - Bank of Nova Scotia plans to price series A callable step-up rate notes due May 1, 2031, according to a 424B5 filing with the Securities and Exchange Commission.

The coupon will be 3.5% for the first six years, stepping up to 3.75% for years seven through nine, to 4% for years 10 through 12, to 4.25% for years 13 through 14, to 4.75% for years 15 through 16 and to 5.75% for year 17. Interest is payable quarterly.

The payout at maturity will be par.

The notes will be callable at par on any quarterly call date after six years.

Scotia Capital (USA) Inc. is the underwriter.

The notes (Cusip: 064159ER3) will price April 25 and settle May 1.

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