Published on 12/24/2018 in the Prospect News Structured Products Daily.
New Issue: Scotia prices $2.3 million market-linked step-up notes on index basket
By Wendy Van Sickle
Columbus, Ohio, Dec. 24 – Bank of Nova Scotia priced $2.3 million of 0% market-linked step-up notes due Dec. 21, 2023 linked to an Asian equity index and ETF basket, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the MSCI Emerging Markets index with a 50% weight, Euro Stoxx 50 index with a 20% weight, the Nikkei Stock Average index with a 10% weight, the FTSE 100 index with a 10% weight, the Swiss Market index with a 3.75% weight, the S&P/ASX 200 index with a 3.75% weight and the Hang Seng index with a 2.5% weight.
If the basket finishes above its step-up level – 150% of the initial level – the payout at maturity will be par plus the gain.
If the basket gains by up to the step-up level, the payout will be par plus the step-up return of 49.2%.
If the basket falls by up to 20%, the payout will be par.
Otherwise, investors will be exposed to losses beyond 20%.
BofA Merrill Lynch is the agent.
| Issuer: | Bank of Nova Scotia
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| Issue: | Market-linked step-up notes
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| Underlying basket: | MSCI Emerging Markets index (50% weight), Euro Stoxx 50 index (20% weight), FTSE 100 index (10% weight), Nikkei Stock Average index (10% weight), Swiss Market index (3.75% weight), S&P/ASX 200 index (3.75% weight), and Hang Seng index (2.5% weight)
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| Amount: | $2,296,450
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| Maturity: | Dec. 21, 2023
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If basket finishes at or above the step-up level, par plus gain; if basket gains by up to step-up level, par plus 49.2%;par if basket falls by up to 20%; exposure to declines beyond 20%
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| Initial index levels: | 959.79 for MSCI Emerging Markets, 3,000.06 for Stoxx, 20,392.58 for Nikkei, 6,711.93 for FTSE, 8,414.48 for Swiss and 5,505.822 for S&P/ASX, 25,623.53 for Hang Seng
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| Step-up level: | 149.2% of initial basket level
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| Pricing date: | Dec. 20
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| Settlement date: | Dec. 28
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| Underwriter: | BofA Merrill Lynch
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| Fees: | 2.5%
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| Cusip: | 06417P595
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