By William Gullotti
Buffalo, N.Y., Aug. 13 – Bank of Nova Scotia priced $3.27 million of autocallable contingent coupon notes with memory coupon due June 21, 2023 linked to the stock of Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the barrier level, 73.5% of its initial level, on any quarterly review date other than the final one, the notes will pay a contingent coupon at an annual rate of 8%, including any previously unpaid contingent coupon payments.
If the stock closes at or above the initial level on a quarterly review date other than the final one, the notes will be called at par plus the contingent coupon and any previously unpaid contingent coupon.
If the notes are not called and the stock finishes at or above the 73.5% barrier level, the payout at maturity will be par plus the contingent coupon and any previously unpaid contingent coupon payments.
Otherwise, investors will be exposed to the stock’s decline from the initial level.
Scotia Capital (USA) Inc. is the agent. J.P. Morgan Securities LLC is the placement agents.
Issuer: | Bank of Nova Scotia
|
Issue: | Autocallable contingent coupon notes with memory coupon
|
Underlying stock: | Bank of America Corp.
|
Amount: | $3,270,000
|
Maturity: | June 21, 2023
|
Coupon: | 8% per year, payable quarterly, if the stock closes at or above coupon barrier on the relevant observation date; coupon payments will include any previously unpaid coupons
|
Price: | Par
|
Payout at maturity: | If the notes are not called and the stock finishes at or above the barrier level, par plus the contingent coupon and any previously unpaid contingent coupon payments; otherwise, investors will be exposed to the stock’s decline from the initial level
|
Call: | Automatically at par plus contingent coupon and any previously unpaid contingent coupon payments if stock closes at or above initial level on any quarterly review date other than the final one
|
Initial stock price: | $41.62
|
Barrier price: | $30.59; 73.5% of initial stock price
|
Strike date: | June 16
|
Pricing date: | June 17
|
Settlement date: | June 22
|
Agent: | Scotia Capital (USA) Inc.
|
Placement agent: | J.P. Morgan Securities LLC
|
Fees: | 1.5%
|
Cusip: | 064159Y59
|
|
© 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.