By Angela McDaniels
Tacoma, Wash., Dec. 30 – Bank of Nova Scotia priced $5 million of callable step-up rate notes due Dec. 31, 2026, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 2.3% in years one through three, 2.5% in years four and five, 2.75% in year six and 3.25% in year seven. Interest is payable semiannually.
The payout at maturity will be par.
Beginning Dec. 31, 2020, the notes are callable at par quarterly.
Scotia Capital (USA) Inc. is the underwriter.
| Issuer: | Bank of Nova Scotia
|
| Issue: | Callable step-up rate notes
|
| Amount: | $5 million
|
| Maturity: | Dec. 31, 2026
|
| Coupon: | 2.3% in years one through three, 2.5% in years four and five, 2.75% in year six and 3.25% in year seven; payable semiannually
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par quarterly beginning Dec. 31, 2020
|
| Pricing date: | Dec. 27
|
| Settlement date: | Dec. 31
|
| Underwriter: | Scotia Capital (USA) Inc.
|
| Fees: | 0.7%
|
| Cusip: | 064159RK4
|
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