By Sarah Lizee
Olympia, Wash., June 17 – Bank of Nova Scotia priced $13.65 million of 0% autocallable market-linked step-up notes due June 24, 2022 linked to the S&P 500 index, according to a 424B2 with the Securities and Exchange Commission.
The notes will be called at par plus an annual call premium of 8.7% if the index closes at or above its initial level on any annual call date.
If the index finishes above the step-up value – 121% of the initial level – the payout at maturity will be par of $10 plus the index gain.
If the index finishes flat or gains by up to the step-up level, the payout will be par plus the step-up payment of 21%.
Investors will lose 1% for each 1% decline.
BofA Merrill Lynch is the agent.
Issuer: | Bank of Nova Scotia
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Issue: | Autocallable market-linked step-up notes
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Underlying index: | S&P 500
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Amount: | $13,650,050
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Maturity: | June 24, 2022
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If the index finishes above the step-up level, par plus the index gain; if the index finishes flat or gains up to the step-up level, par plus 21%; 1% loss for each 1% decline
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Call: | At par plus 8.7% per year if the index closes at or above its initial level on any annual observation date
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Initial level: | 2,891.64
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Step-up value: | 3,498.88, 121% of initial level
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Pricing date: | June 13
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Settlement date: | June 20
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Underwriter: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 06417P223
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