Published on 10/28/2019 in the Prospect News Structured Products Daily.
New Issue: Scotiabank prices $51.82 million step-up autocallables linked to S&P 500
By Angela McDaniels
Tacoma, Wash., Oct. 28 – Bank of Nova Scotia priced $51.82 million of 0% autocallable market-linked step-up notes due Oct. 31, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus a call premium of 6.3% per year if the index closes at or above the initial level on any of five annual observation dates.
If the notes are not called and the index finishes above the step-up value, 130% of the initial level, the payout at maturity will be par plus the index gain.
If the index finishes at or below the step-up level but at or above the initial level, the payout will be par plus 30%.
If the index finishes below the initial level but at or above the threshold value, 85% of the initial index level, the payout will be par.
If the index finishes below the threshold value, investors will lose 1% for every 1% that the index declines beyond 15%.
BofA Securities, Inc. is the agent.
| Issuer: | Bank of Nova Scotia
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | S&P 500
|
| Amount: | $51,824,510
|
| Maturity: | Oct. 31, 2025
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If index finishes above step-up value, par plus index gain; if index finishes at or below step-up level but at or above initial level, par plus 30%; if index declines but finishes at or above threshold value, par; if index finishes below threshold value, 1% loss for every 1% index declines beyond 15%
|
| Call: | Automatically at par plus call premium of 6.3% per year if index closes at or above initial level on Oct. 30, 2020, Oct. 22, 2021, Oct. 21, 2022, Oct. 20, 2023 or Oct. 18, 2024
|
| Initial level: | 3,010.29
|
| Step-up value: | 3,642.45, or 130% of initial level
|
| Threshold value: | 2,558.75, or 85% of initial level
|
| Pricing date: | Oct. 24
|
| Settlement date: | Oct. 31
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 06417Q668
|
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