Published on 12/7/2023 in the Prospect News Structured Products Daily.
New Issue: Scotia sells $333,000 autocallable contingent coupon notes on S&P 500
Chicago, Dec. 7 – Bank of Nova Scotia priced $333,000 of market-linked securities – autocallable with contingent coupon and contingent downside due Oct. 29, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8 % if the index closes at or above its coupon barrier, 70 % of its initial level, on the related observation date.
The notes will be called at par plus the coupon if the index closes at or above its initial level on any quarterly observation date starting after six months.
The payout at maturity will be par plus the coupon unless the index finishes below the 70% barrier, in which case investors will lose 1% for each 1% decline of the index from the initial level.
Scotia Capital (USA) Inc. is the agent. Wells Fargo Securities, LLC is the placement agent.
| Issuer: | Bank of Nova Scotia
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| Issue: | Market-linked securities – autocallable with contingent coupon and contingent downside
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| Underlying index: | S&P 500 index
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| Amount: | $333,000
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| Maturity: | Oct. 29, 2026
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| Coupon: | 8 % annual rate, payable each quarter that the index closes at or above coupon barrier on observation date for that period
|
| Price: | Par
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| Payout at maturity: | Par plus coupon if index closes above barrier; otherwise, 1% for each 1% decline of index from initial level
|
| Call: | At par plus coupon if the index closes at or above initial level on any quarterly observation date starting after six months
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| Initial level: | 3,871.98
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| Coupon barrier level: | 2,710.386, 70% of initial level
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| Barrier level: | 2,710.386, 70% of initial level
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| Pricing date: | Oct. 31, 2022
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| Settlement date: | Nov. 3, 2022
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| Agent: | Scotia Capital (USA) Inc.
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| Placement agent: | Wells Fargo Securities, LLC
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| Fees: | 2.225%
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| Cusip: | 06417YAT6
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