By Wendy Van Sickle
Columbus, Ohio, Aug. 3 – Bank of Nova Scotia priced $26.32 million of 0% autocallable market-linked step-up notes due July 25, 2024 tied to a basket of financial stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the common stocks of Goldman Sachs Group, Inc. (33.33% weight), JPMorgan Chase & Co. (33.33% weight) and Morgan Stanley (33.34% weight).
The notes will be called at par of $10 plus a premium of 11.7% per year if the basket's closing level is greater than or equal to the initial level on either of two annual observation dates.
If the basket finishes above the step-up value, 135% of the initial value, the payout at maturity will be par plus the basket return.
If the basket return is zero or positive but the basket finishes at or below the step-up value, the payout will be par plus the step-up payment of 35%.
Investors will be exposed to any decline of the basket.
BofA Securities, Inc. is the underwriter.
Issuer: | Bank of Nova Scotia
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Issue: | Autocallable market-linked step-up notes
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Underlying indexes: | Goldman Sachs Group, Inc. (33.33% weight), JPMorgan Chase & Co. (33.33% weight), Morgan Stanley (33.34% weight)
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Amount: | $26,316,400
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Maturity: | July 26, 2024
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If basket finishes above step-up value, par plus basket return; if basket stays flat or gains but finishes at or below step-up value, par plus 35%; exposure to decline
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Call: | Automatically at par plus a premium of 11.7% per year if the basket's closing level is greater than or equal to the initial level on either of two annual observation dates
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Initial levels: | $377.55 for Goldman Sachs, $153.00 for JPMorgan, $96.28 for Morgan Stanley
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Step-up value: | 135% of initial value
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Pricing date: | July 29
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Settlement date: | Aug. 5
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Underwriter: | BofA Securities, Inc.
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Fees: | 2%
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Cusip: | 06417V113
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