By Cristal Cody
Chicago, Jan. 3 – Bank of Nova Scotia sold a four-part offer on Monday with one tranche of floating-rate notes and three fixed-rate notes, according to a market source.
The deal was reshaped when a floating-rate companion tranche to the middle-dated notes was dropped, leaving one series due 2027.
The final configuration was the following:
• $300 million of three-year floating-rate notes with a coupon based on SOFR plus 46 basis points;
• $1.35 billion 1.45% three-year notes that priced with a spread of Treasuries plus 45 bps, 20 bps low to talk in the 65 bps area;
• $750 million of 1.95% five-year notes pricing with a spread over Treasuries of 60 bps, versus talk in the 80 bps area;
• $850 million of 2.45% 10-year notes which priced with a Treasuries plus 85 bps spread, 20 bps low to talk in the 105 bps area.
All of the notes came on top of launch talk.
Bookrunners for the notes are Scotia Capital (USA) Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and UBS Securities LLC.
The bank is based in Toronto.
| Issuer: | Bank of Nova Scotia
|
| Amount: | $3.25 billion
|
| Issue: | Notes
|
| Bookrunners: | Scotia Capital (USA) Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and UBS Securities LLC
|
| Trade date: | Jan. 3
|
|
|
| Floaters
|
| Issue: | Floating-rate notes
|
| Amount: | $300 million
|
| Maturity: | Jan. 10, 2025
|
| Coupon: | SOFR plus 46 bps
|
|
|
| Fixed-rate 2025
|
| Issue: | Fixed-rate notes
|
| Amount: | $1.35 billion
|
| Maturity: | Jan. 10, 2025
|
| Coupon: | 1.45%
|
| Spread: | Treasuries plus 45 bps
|
| Price talk: | Treasuries plus 65 bps area
|
|
|
| 2027 notes
|
| Issue: | Fixed-rate notes
|
| Amount: | $750 million
|
| Maturity: | Feb. 2, 2027
|
| Coupon: | 1.95%
|
| Spread: | Treasuries plus 60 bps
|
| Price talk: | Treasuries plus 80 bps area
|
|
|
| 2032 notes
|
| Issue: | Fixed-rate notes
|
| Amount: | $850 million
|
| Maturity: | Feb. 2, 2032
|
| Coupon: | 2.45%
|
| Spread: | Treasuries plus 85 bps
|
| Price talk: | Treasuries plus 105 bps area
|
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