Published on 1/18/2023 in the Prospect News Structured Products Daily.
New Issue: Scotia sells $10.84 million PLUS on index, ETF basket
By Wendy Van Sickle
Columbus, Ohio, Jan. 18 – Bank of Nova Scotia priced $10.84 million of 0% Performance Leveraged Upside Securities due July 5, 2023 linked to a basket of indexes and an exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the Russell 2000 index with a 25% weight, the iShares MSCI Emerging Markets ETF with a 15% weight, the VanEck Vectors Gold Miners ETF with a 15% weight, the Euro Stoxx 50 index with a 15% weight, the Topix index with a 10% weight, the iShares Silver trust with a 10% weight and the iShares U.S. Real Estate ETF with a 10% weight.
If the basket return is positive, the payout at maturity will be par plus two times the basket return, subject to a maximum settlement amount of $11.015 per $10.00 principal amount.
Investors will lose 1% for every 1% that the basket declines from its initial level.
Scotia Capital (USA) Inc. is the underwriter. Morgan Stanley Wealth Management is acting as dealer.
| Issuer: | Bank of Nova Scotia
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| Issue: | Performance Leveraged Upside Securities
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| Underlying assets: | Russell 2000 index (25% weight), iShares MSCI Emerging Markets ETF (15% weight), VanEck Vectors Gold Miners ETF (15% weight), Euro Stoxx 50 index (15% weight), Topix index (10% weight), iShares Silver trust (10% weight) and iShares U.S. Real Estate ETF (10% weight)
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| Amount: | $10,835,600
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| Maturity: | July 5, 2023
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| Coupon: | 0%
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| Price: | Par of $10.00
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| Payout at maturity: | If basket return is positive, par plus two times the basket return, capped at payout of par plus 10.15%; otherwise, full exposure to losses of basket
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| Initial levels: | 1,761.246 for Russell, $37.90for MSCI EM, $28.66 for Gold ETF, 3,793.62 for Stoxx, 1,891.71 for Topix, $22.02 for silver and $84.19 for real estate fund
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| Pricing date: | Dec. 30
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| Settlement date: | Jan. 5
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| Underwriter: | Scotia Capital (USA) Inc.
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 1.75%
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| Cusip: | 06417U867
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