Scotiabank plans floored floating-rate notes tied to 30-year CMS rate

By Toni Weeks

San Luis Obispo, Calif., May 15 - Bank of Nova Scotia plans to price floored floating-rate notes due May 28, 2024, according to a 424B5 filing with the Securities and Exchange Commission.

The interest rate will be equal to 0.7 times the 30-year Constant Maturity Swap Rate, subject to a minimum interest rate of 2%. Interest will be payable quarterly.

The payout at maturity will be par.

The notes (Cusip: 064159EU6) will price May 22 and settle May 28.

Scotia Capital (USA) Inc. and Barclays are the underwriters.

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