New Issue: Scotia prices $1.99 million bear Accelerated Return Notes linked to S&P 500

By William Gullotti

Buffalo, N.Y., Nov. 1 – Bank of Nova Scotia priced $1.99 million of 0% bear Accelerated Return Notes due Dec. 29, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is negative, the payout at maturity will be par of $10 plus 3% for every 1% that the index declines, subject to a maximum return of 56.68%.

If the index return is positive, investors will lose 1% for every 1% that the index increases.

BofA Securities, Inc. is the underwriter.

Issuer:	Bank of Nova Scotia
Issue:	Bear Accelerated Return Notes
Underlying index:	S&P 500 index
Amount:	$1,987,290
Maturity:	Dec. 29, 2023
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index return is negative, par plus 3% for every 1% that index declines, subject to 56.68% maximum return; if index return is positive, 1% loss for every 1% that index increases
Initial index level:	3,807.3
Final index level:	Average of index’s closing levels on five trading days ending Dec. 26, 2023
Pricing date:	Oct. 27
Settlement date:	Nov. 3
Underwriters:	BofA Securities, Inc.
Fees:	1.75%
Cusip:	06418B249

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