By William Gullotti
Buffalo, N.Y., Jan. 30 – Bank of Nova Scotia priced $28.79 million of autocallable Strategic Accelerated Redemption Securities due Jan. 28, 2030 linked to the performance of the Invesco S&P 500 Equal Weight ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Scotia sold 2,879,220 units with a face amount of $10 each, for a total principal amount of $28,792,200. The issuer sold 300,000 units to an individual investor at $9.95 per unit and the remainder to the public at par of $10, for total proceeds of $28,777,200.
The notes will be called at par plus an annualized call premium of 8.15% if the closing level of the ETF is equal to or greater than its initial level on any yearly observation date.
If the notes are not called at maturity, investors will be fully exposed to the decline of the ETF from its initial level.
BofA Securities, Inc. is the agent.
| Issuer: | Bank of Nova Scotia
|
| Issue: | Autocallable Strategic Accelerated Redemption Securities
|
| Underlying fund: | Invesco S&P 500 Equal Weight ETF
|
| Principal amount: | $28,792,200
|
| Proceeds: | $28,777,200
|
| Maturity: | Jan. 28, 2030
|
| Coupon: | 0%
|
| Price: | $9.95 per unit for 300,000 units; par of $10 for remainder
|
| Payout at maturity: | Full exposure to loss if ETF declines
|
| Call: | Par plus 8.15% annualized call premium if the closing level of the ETF is equal to or greater than its initial level on any yearly observation date
|
| Initial level: | $157.48
|
| Pricing date: | Jan. 25
|
| Settlement date: | Feb. 1
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 1.5% for 300,000 units; 2% for remainder
|
| Cusip: | 06418J879
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