New Issue: Scotia sells $695,000 market-linked autocalls with buffered downside on S&P 500

By Kiku Steinfeld

Chicago, April 26 – Bank of Nova Scotia priced $695,000 of 0% market-linked securities – autocallable with fixed percentage buffered downside due Aug. 2, 2028 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par plus an annualized call premium of 7% per year if index closes at or above its initial level on any quarterly observation date starting Aug. 2, 2024.

If the notes are not called and the index finishes at or above its 90% buffer level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline beyond 10%.

Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC are the agents.

Issuer:	Bank of Nova Scotia
Issue:	Market-linked securities – autocallable with fixed percentage buffered downside
Underlying index:	S&P 500
Amount:	$695,000
Maturity:	Aug. 2, 2028
Coupon:	0%
Price:	Par
Payout at maturity:	If index finishes at or above buffer level, par; otherwise, 1% loss for each 1% index decline beyond 10%
Call:	At par plus 7% per year if index closes at or above its initial level on any quarterly observation date starting Aug. 2, 2024
Initial level:	4,588.96
Buffer level:	4,130.064; 90% of initial level
Pricing date:	July 31, 2023
Settlement date:	Aug. 3, 2023
Agents:	Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC
Fees:	2.825%
Cusip:	06417YNB1

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