New Issue: Scotiabank prices $2.08 million callable step-up notes due 2024 with 2.5% initial rate

By Toni Weeks

San Luis Obispo, Calif., May 29 - Bank of Nova Scotia priced $2.08 million of series A callable step-up rate notes due May 29, 2024, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will initially be 2.5%, stepping up to 3% on May 29, 2017, to 3.75% on May 29, 2020 and to 4.25% on May 29, 2022. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on any semiannual call date beginning May 29, 2019.

Scotia Capital (USA) Inc. is the underwriter.

Issuer:	Bank of Nova Scotia
Issue:	Callable step-up rate notes
Amount:	$2,075,000
Maturity:	May 29, 2024
Coupon:	2.5% initially, stepping up to 3% on May 29, 2017, to 3.75% on May 29, 2020 and to 4.25% on May 29, 2022; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par on each semiannual call date beginning May 29, 2019
Pricing date:	May 27
Settlement date:	May 29
Underwriter:	Scotia Capital (USA) Inc.
Fees:	0.74%
Cusip:	064159EM4

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