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Scotiabank to price market-linked step-up notes linked to S&P 500
By Sarah Lizee
Olympia, Wash., Oct. 26 – Bank of Nova Scotia plans to price 0% market-linked step-up notes due November 2020 linked to the S&P 500 index, according to an FWP with the Securities and Exchange Commission.
If the index finishes at or above the step-up value – 111% to 117% of the initial level – the payout at maturity will be par of $10 plus the index gain.
If the index is unchanged or gains by up to the step-up level, the payout will be par plus the step-up payment of 11% to 17%.
Investors will lose 1% for each 1% decline in the index from its initial level.
BofA Merrill Lynch is the agent.
The notes will price in November and settle in December.
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