Published on 5/18/2022 in the Prospect News Structured Products Daily.
New Issue: Scotiabank sells $16.86 million enhanced participation notes on basket
By Wendy Van Sickle
Columbus, Ohio, May 18 – Bank of Nova Scotia priced $16.86 million of 0% enhanced participation notes due May 28, 2024 linked to a basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the Euro Stoxx 50 index with a 36% weight, the Topix index with a 29% weight, the FTSE 100 index with a 16% weight, the Swiss Market index with an 11% weight and the S&P/ASX 200 index with an 8% weight.
If the basket return is positive, the payout at maturity will be par plus 116% of the basket return. If the basket falls by up to 50%, the payout will be the greater of par plus the basket return and 89% of par. If the basket falls by more than 50%, investors will lose 11% of their investment plus an additional 1.78% for each 1% decline beyond 50%.
Scotia Capital (USA) Inc. is the underwriter. Goldman Sachs & Co. LLC is acting as dealer.
| Issuer: | Bank of Nova Scotia
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| Issue: | Enhanced participation notes
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| Underlying indexes: | Euro Stoxx 50 (36% weight), Topix (29% weight), FTSE 100 (16% weight), Swiss Market (11% weight) and S&P/ASX 200 (8% weight)
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| Amount: | $16,856,000
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| Maturity: | May 28, 2024
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| Coupon: | 0%
|
| Price: | Par
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| Payout at maturity: | If basket return is positive, par plus 116% of the basket return; if basket falls by up to 50%, greater of par plus basket return and 89% of par; if basket falls by more than 50%, par minus 11% minus an additional 1.78% for each 1% decline beyond 50%
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| Initial index levels: | 3,703.42 for Stoxx, 1,864.2 for Topix, 7,418.15 for FTSE, 11,650.42 for Swiss and 7,075.112 for S&P/ASX
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| Pricing date: | May 13
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| Settlement date: | May 20
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| Underwriter: | Scotia Capital (USA) Inc.
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| Selected dealer: | Goldman Sachs & Co. LLC
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| Fees: | 1.55%
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| Cusip: | 06416DAY2
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