By Wendy Van Sickle
Columbus, Ohio, June 29 – Bank of Nova Scotia priced $15 million of airbag autocallable contingent yield notes with memory coupon due July 27, 2024 linked to the common stock of Tesla, Inc., according to a 424B2 with the Securities and Exchange Commission.
Interest will be payable monthly at a 19.57% annual rate if the stock closes above its 60% coupon barrier level on the related observation date. Previously unpaid coupons will also be paid.
The notes will be called at par if the shares close at or above the initial share price on any monthly observation date.
The payout at maturity will be par plus any coupon unless the final share price is less than the 60% downside threshold. Otherwise, investors will receive 6.2984 Tesla shares.
Scotia Capital (USA) Inc. and UBS Financial Services Inc. are the underwriters.
| Issuer: | Bank of Nova Scotia
|
| Issue: | Airbag autocallable contingent yield notes with memory coupon
|
| Underlying stock: | Tesla, Inc.
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| Amount: | $15,000,000
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| Maturity: | July 27, 2024
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| Coupon: | 19.57% annual rate, payable monthly if stock closes above coupon barrier level on related observation date; previously unpaid coupons will also be paid
|
| Price: | Par
|
| Payout at maturity: | Par plus any coupon unless final share price is less than downside threshold; otherwise, 6.2984 Tesla shares
|
| Call: | At par if shares close at or above initial share price on any monthly observation date
|
| Initial share price: | $264.61
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| Coupon barrier: | $158.77, 60% of initial price
|
| Downside threshold: | $158.77, 60% of initial price
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| Strike date: | June 22
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| Pricing date: | June 23
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| Settlement date: | June 28
|
| Underwriters: | Scotia Capital (USA) Inc. and UBS Financial Services Inc.
|
| Fees: | 0.1%
|
| Cusip: | 06418E268
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