By William Gullotti
Buffalo, N.Y., March 21 – Bank of Nova Scotia priced $3.41 million of market-linked securities – autocallable with contingent coupon with memory feature and contingent downside due March 18, 2027 linked to the stock performance of Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 15.5% if the stock closes at or above its 60% coupon threshold on the observation date for that period. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be called at par plus a coupon if the stock closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon unless the stock finishes below its 60% downside threshold, in which case investors will lose 1% for every 1% decline of the stock from its initial level.
Scotia Capital (USA) Inc. is the agent with Wells Fargo Securities, LLC acting as the agent for distribution.
| Issuer: | Bank of Nova Scotia
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| Issue: | Market linked securities – autocallable with contingent coupon with memory feature and contingent downside
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| Underlying stock: | Tesla, Inc.
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| Amount: | $3,409,000
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| Maturity: | March 18, 2027
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| Coupon: | 15.5% annualized, payable quarterly if the stock closes at or above coupon threshold on observation date for that period; coupon payment events will automatically include any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par plus final coupon unless the stock finishes below downside threshold, in which case 1% loss per 1% decline from initial level
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| Call: | At par plus coupon if the stock closes at or above its initial level on any observation date after six months
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| Initial level: | $163.57
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| Coupon threshold: | $98.142; 60% of initial level
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| Downside threshold: | $98.142; 60% of initial level
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| Pricing date: | March 15
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| Settlement date: | March 20
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| Agent: | Scotia Capital (USA) Inc. with Wells Fargo Securities, LLC as agent for distribution
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| Fees: | 2.325%
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| Cusip: | 06417YP37
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