By Wendy Van Sickle
Columbus, Ohio, July 29 – Bank of Nova Scotia priced $18.54 million of trigger autocallable contingent yield notes due July 25, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 8.05% per year if the index closes at or above the coupon barrier, 75% of the initial level, on the observation date for that quarter.
The notes will be automatically called at par of $10 if the index closes at or above the initial level on any quarterly observation date after six months.
If the notes are not called and the final level is greater than or equal to the downside threshold level, 75% of the initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the final level is less than the initial level.
UBS Financial Services Inc. and Scotia Capital (USA) Inc. are the agents.
| Issuer: | Bank of Nova Scotia
|
| Issue: | Trigger autocallable contingent yield notes
|
| Underlying index: | S&P 500 index
|
| Amount: | $18,540,500
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| Maturity: | July 25, 2023
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| Contingent coupon: | 8.05% annual rate, payable quarterly if index closes at or above coupon barrier on related quarterly observation date
|
| Price: | Par of $10
|
| Payout at maturity: | Par unless index finishes below downside threshold, in which case 1% loss for each 1% decline from initial level
|
| Call: | Automatically at par if index closes at or above initial level on any quarterly observation date after six months
|
| Initial level: | 4,323.06
|
| Coupon barrier: | 3,242.3, 75% of initial level
|
| Downside threshold: | 3,242.3, 75% of initial level
|
| Pricing date: | July 20
|
| Settlement date: | July 23
|
| Agents: | UBS Financial Services Inc. and Scotia Capital (USA) Inc.
|
| Fees: | 0%
|
| Cusip: | 06417T571
|
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