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Scotiabank to price market-linked step-up notes on index basket
By Marisa Wong
Morgantown, W.Va., Oct. 20 – Bank of Nova Scotia plans to price 0% market-linked step-up notes due October 2019 linked to an international equity basket, according to an FWP filing with the Securities and Exchange Commission.
The basket consists of the Euro Stoxx 50 index with a 60% weight, the MSCI Emerging Markets index with a 20% weight and the JPX-Nikkei Index 400 with a 20% weight.
If the final basket level is greater than or equal to the step-up value, 118% to 124% of the initial value, the payout at maturity will be par of $10 plus the basket return.
If the final basket level is greater than or equal to the initial level but less than the step-up value, the payout will be par plus the 18% to 24% step-up payment.
Investors will lose 1% for every 1% basket decline.
BofA Merrill Lynch is the agent.
The notes are expected to price in October and settle in November.
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