By Marisa Wong
Madison, Wis., Sept. 26 – Bank of Nova Scotia priced $7.5 million of callable steepener notes due Sept. 29, 2034, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is equal to 11% for the first year. After that, interest will equal 4 times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate minus 50 basis points, subject to a maximum rate of 11%. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date after one year.
Scotia Capital (USA) Inc. is the underwriter.
| Issuer: | Bank of Nova Scotia
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| Issue: | Callable steepener notes
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| Amount: | $7.5 million
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| Maturity: | Sept. 29, 2034
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| Coupon: | 11% for first year; after that, 4 times spread of 30-year CMS rate over two-year CMS rate minus 50 bps, capped at 11%; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
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| Call option: | At par on interest payment dates beginning Sept. 29, 2015
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| Pricing date: | Sept. 24
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| Settlement date: | Sept. 29
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| Underwriter: | Scotia Capital (USA) Inc.
|
| Fees: | 4.73%
|
| Cusip: | 064159FT8
|
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