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Scotiabank plans market-linked step-up autocallables tied to Stoxx 50
By Susanna Moon
Chicago, July 12 – Bank of Nova Scotia plans to price autocallable market-linked step-up notes due July 2022 linked to the Euro Stoxx 50 index, according to an FWP filing with the Securities and Exchange Commission.
The notes will be called at an annual call premium of 7.5% to 8.5% if the index closes at or above its initial level on either annual call date. The exact call premium will be set at pricing.
If the index finishes at or above the step-up value – 140% of the initial level – the payout at maturity will be par of $10 plus the index gain.
If the index is unchanged or gains by up to the step-up level, the payout will be par plus the step-up payment of 40%.
Investors will receive par if the index falls by up to 15% and will lose 1% for each 1% decline beyond the buffer.
BofA Merrill Lynch is the agent.
The notes will price in July and settle in August.
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