By Marisa Wong
Los Angeles, May 3 – Bank of Nova Scotia priced $31.47 million of 0% autocallable market-linked step-up notes due April 26, 2024 tied to the iShares Global Clean Energy exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus an annualized call premium of 7.6% if the ETF closes at or above the initial level on an annual observation date.
If the notes are not called and the ETF finishes above the step-up value, 150% of the initial level, the payout at maturity will be par plus the ETF gain.
If the ETF 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 50%.
If the ETF falls by up to 15%, the payout will be par. Otherwise, investors will lose 1% for every 1% ETF decline beyond 15%.
BofA Securities, Inc. is the agent.
| Issuer: | Bank of Nova Scotia
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying ETF: | iShares Global Clean Energy ETF
|
| Amount: | $31,473,310
|
| Maturity: | April 26, 2024
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If the ETF finishes above the step-up value, par plus ETF gain; if the ETF finishes at or below the step-up level but at or above the initial level, par plus 50%; par if ETF falls by up to 15%; otherwise, 1% loss for every 1% ETF decline beyond 15%
|
| Call: | Automatically at par plus an annualized call premium of 7.6% if the ETF closes at or above the initial level on an annual observation date
|
| Initial value: | $23.67
|
| Step-up value: | $35.51, 50% of initial value
|
| Threshold value: | $20.12, 85% of initial value
|
| Pricing date: | April 29
|
| Settlement date: | May 7
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 06417V352
|
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