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Scotiabank plans three-year market-linked step-up autocalls on Stoxx
By Susanna Moon
Chicago, May 31 – Bank of Nova Scotia plans to price autocallable market-linked step-up notes due June 2021 linked to the Euro Stoxx 50 index, according to an FWP with the Securities and Exchange Commission.
The notes will be called at an annual call premium of 14% to 15% if the index closes at or above its initial level on either annual call date. The exact premium will be set at pricing.
If the index finishes at or 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 gains by up to the step-up level, the payout will be par plus the step-up payment of 35%.
Otherwise, investors will lose 1% for each 1% decline.
BofA Merrill Lynch is the agent.
The notes will price in June and settle in July.
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