Scotiabank plans market-linked step-up autocallables on Russell 2000

By Marisa Wong

Morgantown, W.Va., Jan. 31 – Bank of Nova Scotia plans to price 0% autocallable market-linked step-up notes due February 2021 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index closes at or above its initial level on an annual observation date, the notes will be called at par plus a premium of 7.5% to 8.5% per year.

If the index finishes at or above the step-up level – 130% of the initial level – the payout at maturity will be par of $10 plus the index gain.

If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 30%.

Investors will be exposed to any losses.

BofA Merrill Lynch is the agent.

The notes will price and settle in February.

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