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Scotiabank plans market-linked step-up autocallables on Euro Stoxx 50
By Marisa Wong
Morgantown, W.Va., July 14 – Bank of Nova Scotia plans to price 0% autocallable market-linked step-up notes due July 2020 linked to the Euro Stoxx 50 index, according to an FWP filing with the Securities and Exchange Commission.
The notes will be called at par plus a call premium of 11% to 12% per year if the index closes at or above its initial level on any annual observation date.
If the index finishes above the step-up value – 135% of the initial level – the payout at maturity will be par of $10 plus the index gain.
If the index finishes flat or gains by up to the step-up level, the payout will be par plus the step-up payment of 35%.
If the index falls by up to 15%, the payout will be par.
Investors will be exposed to any index decline beyond 15%.
BofA Merrill Lynch is the agent.
The notes will price in July and settle in August.
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