Chicago, March 8 – Bank of Nova Scotia sold a tripart note deal on Monday for $1.9 billion (A2/A-/AA-), according to a FWP filed with the Securities and Exchange Commission.
The bank priced $300 million of floating-rate senior medium-term notes due 2024 with an interest rate based on SOFR plus 96 basis points. The notes priced at par. Interest will be payable quarterly.
Scotiabank priced a fixed-rate tranche with the same 2024 maturity date. The $900 million of 2.44% notes priced at par. The spread came 90 bps over Treasuries.
The second tranche is redeemable with a make-whole premium of Treasuries plus 15 bps any time before the maturity date.
The longest-dated tenor in the offer is five years. The bank sold $700 million of 2.951% five-year notes at par with a spread over Treasuries of 125 bps.
Any early redemption on the five-year tranche would be with a make-whole premium of Treasuries plus 20 bps.
All three of the notes are subject to bail-in conversion under the Canadian bail-in regime.
Lead managers and joint bookrunners for the issue are Scotia Capital (USA) Inc., BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.
The financial services company is based in Toronto.
| Issuer: | Bank of Nova Scotia
|
| Amount: | $1.9 billion
|
| Issue: | Senior notes
|
| Bookrunners: | Scotia Capital (USA) Inc., BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC
|
| Co-managers: | Academy Securities, Inc. and Loop Capital Markets LLC
|
| Trade date: | March 7
|
| Settlement date: | March 11
|
| Ratings: | Moody’s: A2
|
| S&P: A-
|
| Fitch: AA-
|
| Distribution: | SEC registered
|
|
|
| Floaters
|
| Amount: | $300 million
|
| Issue: | Floating-rate senior medium-term notes
|
| Maturity: | March 11, 2024
|
| Coupon: | SOFR plus 96 bps
|
| Price: | Par
|
| Yield: | SOFR plus 96 bps
|
| Call features: | Not applicable
|
| Cusip: | 06418BAD0
|
|
|
| 2024 notes
|
| Amount: | $900 million
|
| Issue: | Senior medium-term notes
|
| Maturity: | March 11, 2024
|
| Coupon: | 2.44%
|
| Price: | Par
|
| Yield: | 2.44%
|
| Spread: | Treasuries plus 90 bps
|
| Call features: | Make-whole call at Treasuries plus 15 bps
|
| Cusip: | 06418BAC2
|
|
|
| 2027 notes
|
| Amount: | $700 million
|
| Issue: | Senior medium-term notes
|
| Maturity: | March 11, 2027
|
| Coupon: | 2.951%
|
| Price: | Par
|
| Yield: | 2.951%
|
| Spread: | Treasuries plus 125 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps
|
| Cusip: | 06418BAE8
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
