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Scotiabank plans callable 10-year steepener notes linked to CMS rates
By Susanna Moon
Chicago, June 18 – Bank of Nova Scotia plans to price callable steepener notes due June 27, 2024 linked to the 30-year Constant Maturity Swap rate and the two-year Constant Maturity Swap rate, according to a 424B5 filing with the Securities and Exchange Commission.
Interest will accrue at 2.25 times the 30-year CMS rate minus the two-year CMS rate, up to a maximum rate of 8% per year. Interest will be payable quarterly 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.
The notes will price on June 25 and settle on June 27.
The Cusip number is 064159FB7.
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