Published on 5/16/2023 in the Prospect News Structured Products Daily.
New Issue: Scotia sells $13.03 million buffer autocallable gears linked to basket
By Wendy Van Sickle
Columbus, Ohio, May 16 – Bank of Nova Scotia priced $13.03 million of 0% buffer autocallable gears due May 17, 2028 linked to an unequally weighted 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 40% weight, the Nikkei Stock Average with a 25% weight, the FTSE 100 index with a 17.5% weight, the Swiss Market index with a 10% weight and the S&P/ASX 200 index with a 7.5% weight.
If the basket finishes at or above its initial level on May 20, 2024, the notes will be automatically called at par of $10 plus 8%.
If the notes are not called and the basket finishes above its initial level, the payout at maturity will be par plus 2.7327 times the basket gain.
Investors will receive par if the basket declines by 20% or less and lose 1% for every 1% that the basket declines beyond 20%.
Scotia Capital (USA) Inc. is the agent. UBS Financial Services Inc. is the selling agent.
| Issuer: | Bank of Nova Scotia
|
| Issue: | Buffer autocallable gears
|
| Underlying basket: | Euro Stoxx 50 index (40% weight), Nikkei Stock Average (25% weight), FTSE 100 index (17.5% weight), Swiss Market index 10% weight), S&P/ASX 200 index (7.5% weight)
|
| Amount: | $13,026,850
|
| Maturity: | May 17, 2028
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus 2.7327 times any basket gain; par if basket declines by 20% or less; 1% loss for every 1% decline beyond 20%
|
| Call: | Automatically at par plus 8% if basket finishes at or above initial level on May 20, 2024
|
| Initial levels: | 4,317.88 for Stoxx, 29,388.3for Nikkei, 7,754.62 for FTSE, 11,564.73 for Swiss Market, 7,256.65 S&P/ASX 200
|
| Buffer level: | 80% of initial level
|
| Pricing date: | May 12
|
| Settlement date: | May 17
|
| Agent: | Scotia Capital (USA) Inc.
|
| Selling agent: | UBS Financial Services Inc.
|
| Fees: | 2.5%
|
| Cusip: | 06418A845
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
