By Cristal Cody
Tupelo, Miss., Oct. 9 – Bank of Nova Scotia sold $1 billion of 2% three-year senior bail-inable notes at a spread of 60 basis points over Treasuries on Wednesday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The bail-inable notes (A2/A-/AA-) priced at 99.969 to yield 2.01%.
Initial price talk was in the 75 bps spread area.
Scotia Capital (USA) Inc., Barclays, BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the bookrunners.
The Toronto-based bank plans to use the proceeds for general business purposes.
| Issuer: | Bank of Nova Scotia
|
| Amount: | $1 billion
|
| Description: | Senior bail-inable notes
|
| Maturity: | Nov. 15, 2022
|
| Bookrunners: | Scotia Capital (USA) Inc., Barclays, BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC
|
| Coupon: | 2%
|
| Price: | 99.969
|
| Yield: | 2.01%
|
| Spread: | Treasuries plus 60 bps
|
| Call feature: | None
|
| Trade date: | Oct. 9
|
| Settlement date: | Oct. 15
|
| Ratings: | Moody’s: A2
|
| S&P: A-
|
| Fitch: AA-
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 75 bps area
|
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