Chicago, Sept. 11 – Bank of Nova Scotia priced $1.23 million of 0% autocallable contingent coupon notes with memory coupon due Sept. 10, 2027 linked to the common stock of Marvell Technology, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11.5% if the stock closes at or above its coupon barrier, 50% of its initial level, on the related quarterly observation date. Previously unpaid coupons will also be paid.
The notes will be called at par plus the coupon if the stock closes at or above its initial level on any quarterly observation date prior to the final valuation date.
The payout at maturity will be par plus the coupon unless the stock finishes below the 50% barrier, in which case investors will lose 1% for each 1% decline of the stock from its initial level.
Scotia Capital (USA) Inc. is the agent. J.P. Morgan Securities LLC is the placement agent.
| Issuer: | Bank of Nova Scotia
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| Issue: | Autocallable contingent coupon notes with memory coupon
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| Underlying stock: | Marvell Technology, Inc.
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| Amount: | $1,225,000
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| Maturity: | Sept. 10, 2027
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| Coupon: | 11.5% annual rate, payable each quarter that the stock closes at or above coupon barrier on observation date for that quarter; previously unpaid coupons will also be paid
|
| Price: | Par
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| Payout at maturity: | Par plus coupon if stock closes above barrier; otherwise, 1 % loss for each 1% decline of stock from initial level
|
| Call: | At par plus coupon if the stock closes at or above initial level on any quarterly observation date prior to final valuation date
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| Initial level: | $56.71
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| Coupon barrier level: | $28.36, 50% of initial level
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| Barrier level: | $28.36, 50% of initial level
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| Pricing date: | Sept. 6
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| Settlement date: | Sept. 11
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| Agent: | Scotia Capital (USA) Inc.
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| Placement agent: | J.P. Morgan Securities LLC
|
| Fees: | 2.5%
|
| Cusip: | 06417YTW9
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