By Marisa Wong
Madison, Wis., July 29 - Bank of Nova Scotia priced $34.5 million of callable steepener notes due July 29, 2033, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at 9% for the first year. After that, the rate will be four times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate minus 25 basis points, subject to a maximum rate of 10%. Interest is payable semiannually and cannot be less than zero.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date after one year.
Scotia Capital (USA) Inc. is the underwriter.
Issuer: | Bank of Nova Scotia
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Issue: | Callable steepener notes
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Amount: | $34.5 million
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Maturity: | July 29, 2033
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Coupon: | 9% for one year; then four times spread of 30-year CMS rate over two-year CMS rate minus 25 bps, capped at 10%, floor of zero; payable semiannually
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on interest payment dates beginning on July 30, 2014
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Pricing date: | July 25
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Settlement date: | July 30
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Underwriter: | Scotia Capital (USA) Inc.
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Fees: | 3.26%
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Cusip: | 064159CP9
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