By Cristal Cody
Tupelo, Miss., March 25 – Bank of Nova Scotia priced $900 million of 1.5% covered bonds due March 31, 2023 (Aaa//AAA) on Wednesday at mid-swaps plus 100 basis points, or a Treasuries plus 111.4 bps spread, according to a market source.
Initial price talk was at the mid-swaps plus 100 bps area.
The bookrunners for the Rule 144A and Regulation S deal were Scotia Capital (USA) Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and UBS Securities LLC.
The bank is based in Toronto.
| Issuer: | Bank of Nova Scotia
|
| Amount: | $900 million
|
| Description: | Covered bonds
|
| Maturity: | March 31, 2023
|
| Bookrunners: | Scotia Capital (USA) Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and UBS Securities LLC
|
| Coupon: | 1.5%
|
| Spread: | Mid-swaps plus 100 bps, or Treasuries plus 111.4 bps
|
| Trade date: | March 25
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
| Distribution: | Rule 144A and Regulation S
|
| Price guidance: | Mid-swaps plus 100 bps area
|
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