By Wendy Van Sickle
Columbus, Ohio, Oct. 23 – Bank of Nova Scotia priced $1 million of callable contingent coupon trigger notes due Oct. 21, 2025 linked to the least performing of the Euro Stoxx Banks index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 8.75% if each index closes at or above its 65% coupon trigger level on the determination date for that period.
The notes may be called at par plus any contingent coupon due at the issuer’s option on any coupon payment date after six months.
If each index finishes above 65% of its initial level, the payout will be par plus the final coupon.
Otherwise, investors will be fully exposed to the decline of the least-performing index.
Scotia Capital (USA) Inc. and Goldman Sachs & Co. LLC are the agents.
| Issuer: | Bank of Nova Scotia
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| Issue: | Callable contingent coupon trigger notes
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| Underlying indexes: | Euro Stoxx Banks, Russell 2000
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| Amount: | $1 million
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| Maturity: | Oct. 21, 2025
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| Contingent coupon: | 8.75% per year, payable quarterly if each index closes at or above coupon trigger level on quarterly determination date
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| Price: | Par
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| Payout at maturity: | If each index finishes above 65% of its initial level, par plus coupon; otherwise, full exposure to decline of the least performing index
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| Call: | At par plus any contingent coupon at issuer’s option on any coupon payment date after six months
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| Initial index levels: | 1,633.808 for Russell, 55.55 for Stoxx Banks
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| Coupon trigger: | 65% of initial levels
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| Trigger level: | 65% of initial levels
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| Pricing date: | Oct. 16
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| Settlement date: | Oct. 21
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| Agents: | Scotia Capital (USA) Inc. and Goldman Sachs & Co. LLC
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| Fees: | 3.5%
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| Cusip: | 064159XT8
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