By Wendy Van Sickle
Columbus, Ohio, Dec. 4 – Bank of Nova Scotia priced $9.88 million of 0% autocallable market-linked step-up notes due Nov. 19, 2021 tied to the Energy Select Sector index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus a call premium of 17.01% if the index closes at or above the initial level on Dec. 6, 2019.
If the notes are not called and the index finishes above the step-up value, 120% of the initial level, the payout at maturity will be par plus the index gain.
If the index finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up payment of 20%.
Investors will be fully exposed to any index decline.
BofA Merrill Lynch is the underwriter.
| Issuer: | Bank of Nova Scotia
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | Energy Select Sector
|
| Amount: | $9,880,800
|
| Maturity: | Nov. 20, 2020
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If the index finishes above the step-up value, par plus the index gain; if the index finishes at or below the step-up level but at or above the initial level, par plus 20%; 1% loss for each 1% decline of the index
|
| Call: | Automatically at par plus call premium of 17.01% if the index closes at or above the initial level on Dec. 6, 2019
|
| Initial index level: | 665.15
|
| Step-up value: | 798.18, 120% of initial value
|
| Pricing date: | Nov. 29
|
| Settlement date: | Dec. 6
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 06417P686
|
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