Published on 12/30/2020 in the Prospect News Structured Products Daily.
New Issue: Scotia prices $14.63 million market-linked step-up autocalls on Russell
By Wendy Van Sickle
Columbus, Ohio, Dec. 30 – Bank of Nova Scotia priced $14.63 million of autocallable market-linked step-up notes due Dec. 29, 2025 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus an annualized call premium of 6.95% if the index closes at or above the initial level on any annual observation date.
If the notes are not called and the index finishes above the step-up value, 135% of the initial level, the payout at maturity will be par plus the index gain.
If the index finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 35%.
If the index falls by up to 10%, the payout will be par. Otherwise, investors will lose 1% for every 1% index decline beyond 10%.
BofA Securities, Inc. is the agent.
| Issuer: | Bank of Nova Scotia
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | Russell 2000 index
|
| Amount: | $14,625,000
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| Maturity: | Dec. 29, 2025
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| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If index finishes above step-up level, par plus index gain; if index finishes at or above initial level but at or below step-up level, par plus 35%; par if index falls by up to 10%; otherwise, 1% loss for each 1% index decline beyond 10%
|
| Call: | At par plus 6.95% per year if index closes at or above its initial level on any annual observation date
|
| Initial level: | 2,007.104
|
| Step-up level: | 2,709.59, 135% of initial level
|
| Threshold level: | 1,806.394, 90% of initial level
|
| Pricing date: | Dec. 23
|
| Settlement date: | Dec. 31
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 06417R146
|
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