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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bank Nova Scotia Halifax | NYSE:BNS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.14 | 0.31% | 45.98 | 46.03 | 45.615 | 45.90 | 1,336,950 | 00:30:55 |
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-261476 (To Prospectus dated December 29, 2021, Prospectus Supplement dated December 29, 2021 and Product Supplement EQUITY STR-1 dated March
27, 2023)
|
331,616 Units
$10 principal amount per unit
CUSIP No. 06418K504
|
Pricing Date
Settlement Date
Maturity Date
|
July 25, 2024
August 1, 2024
July 26, 2030
|
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|
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Autocallable Strategic Accelerated Redemption Securities® Linked to the Invesco S&P 500® Equal Weight ETF
◾ Automatically callable if the Observation Level on any Observation Date, occurring approximately one, two, three, four, five and six years after the pricing date, is at or above
the Starting Value
◾ In the event of an automatic call, the amount payable per unit will be:
◾ $10.82 if called on the first Observation Date
◾ $11.64 if called on the second Observation Date
◾ $12.46 if called on the third Observation Date
◾ $13.28 if called on the fourth Observation Date
◾ $14.10 if called on the fifth Observation Date
◾ $14.92 if called on the final Observation Date
◾ If not called on any of the first five Observation Dates, a maturity of approximately six years
◾ If not called, 1-to-1 downside exposure to decreases in the Underlying Fund, with up to 100.00% of your principal amount at risk
◾ All payments are subject to the credit risk of The Bank of Nova Scotia
◾ No periodic interest payments
◾ In addition to the underwriting discount set forth below, the notes include a hedging-related charge of $0.05 per unit. See
“Structuring the Notes”
◾ Limited secondary market liquidity, with no exchange listing
◾ The notes are unsecured debt securities and are not savings accounts or insured deposits of a bank. The notes are not insured or guaranteed by the Canada Deposit Insurance
Corporation (the “CDIC”), the U.S. Federal Deposit Insurance Corporation (the “FDIC”), or any other governmental agency of Canada, the United States or any other jurisdiction
|
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Per Unit
|
Total
|
|
Public offering price
|
$ 10.00
|
$3,316,160.00
|
Underwriting discount
|
$ 0.20
|
$66,323.20
|
Proceeds, before expenses, to BNS
|
$ 9.80
|
$3,249,836.80
|
Are Not FDIC Insured
|
Are Not Bank Guaranteed
|
May Lose Value
|
Autocallable Strategic Accelerated Redemption Securities®
Linked to the Invesco S&P 500® Equal Weight ETF due July 26, 2030
|
Issuer:
|
The Bank of Nova Scotia (“BNS”)
|
||
Principal
Amount:
|
$10.00 per unit
|
||
Term:
|
Approximately six years, if not called on any of the first five Observation Dates
|
||
Market
Measure:
|
The Invesco S&P 500® Equal Weight ETF (Bloomberg symbol: “RSP”)
|
||
Starting
Value:
|
$167.35
|
||
Observation
Level:
|
The Closing Market Price of the Market Measure on the applicable Observation Date multiplied by the Price Multiplier
|
||
Ending Value:
|
The Observation Level of the Underlying Fund on the final Observation Date
|
||
Price
Multiplier:
|
1, subject to adjustment for certain events relating to the Underlying Fund, as described beginning on page PS-29 of product supplement
EQUITY STR-1.
|
||
Observation
Dates:
|
August 1, 2025, July 24, 2026, July 23, 2027, July 21, 2028, July 20, 2029 and July 19, 2030 (the final Observation Date).
The Observation Dates are subject to postponement in the event of Market Disruption Events, as described on page PS-26 of product supplement
EQUITY STR-1.
|
||
Call Level:
|
$167.35 (100.00% of the Starting Value)
|
||
Call Amounts
(per Unit) and
Call
Premiums:
|
$10.82, representing a Call Premium of 8.20% of the principal amount, if called on the first Observation Date, $11.64, representing a Call Premium of 16.40% of
the principal amount, if called on the second Observation Date, $12.46, representing a Call Premium of 24.60% of the principal amount, if called on the third Observation Date, $13.28, representing a Call Premium of 32.80% of the
principal amount, if called on the fourth Observation Date, $14.10, representing a Call Premium of 41.00% of the principal amount, if called on the fifth Observation Date and $14.92, representing a Call Premium of 49.20% of the
principal amount, if called on the final Observation Date.
|
Autocallable Strategic Accelerated Redemption Securities®
Linked to the Invesco S&P 500® Equal Weight ETF due July 26, 2030
|
Call
Settlement
Dates:
|
Approximately the fifth business day following the applicable Observation Date, subject to postponement as described on page PS-24 of product
supplement EQUITY STR-1; provided however that the Call Settlement Date related to the final Observation Date will be the maturity date.
|
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Threshold
Value:
|
$167.35 (100.00% of the Starting Value)
|
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Fees and
Charges:
|
The underwriting discount of $0.20 per unit listed on the cover page and the hedging related charge of $0.05 per unit described in “Structuring
the Notes” on page TS-15.
|
||
Calculation
Agent:
|
BofA Securities, Inc. (“BofAS”)
|
Autocallable Strategic Accelerated Redemption Securities®
Linked to the Invesco S&P 500® Equal Weight ETF due July 26, 2030
|
◾ |
Product supplement EQUITY STR-1 dated March 27, 2023:
|
◾ |
Prospectus supplement dated December 29, 2021:
|
◾ |
Prospectus dated December 29, 2021:
|
◾ |
You anticipate that the Closing Market Price of the Market Measure on any of the Observation Dates will be equal to or greater than the Call Level and, if the notes are automatically called prior to the final Observation Date,
you accept an early exit from your investment.
|
◾ |
You accept that the return on the notes will be limited to the return represented by the applicable Call Premium even if the percentage change in the price of the Market Measure is greater than the applicable Call Premium.
|
◾ |
You are willing to risk a loss of principal and return if the notes are not automatically called and the Closing Market Price of the Underlying Fund decreases from the Starting Value to the Ending Value.
|
◾ |
You are willing to forgo interest payments that are paid on conventional interest-bearing debt securities.
|
◾ |
You are willing to forgo the benefits of directly owning the Underlying Fund or the securities held by the Underlying Fund, including dividends and other distributions.
|
◾ |
You are willing to accept a limited or no market for sales prior to maturity, and understand that the market prices for the notes, if any, will be affected by various factors, including our actual and perceived
creditworthiness, our internal funding rate and fees and charges on the notes.
|
◾ |
You are willing to assume our credit risk, as issuer of the notes, for all payments under the notes, including the Call Amount or the Redemption Amount.
|
◾ |
You wish to make an investment that cannot be automatically called.
|
◾ |
You believe that the Closing Market Price of the Underlying Fund will decrease from the Starting Value to the Ending Value.
|
◾ |
You anticipate that the Observation Level will be less than the Call Level on each Observation Date.
|
◾ |
You seek an uncapped return on your investment.
|
◾ |
You seek principal repayment or preservation of capital.
|
◾ |
You seek interest payments or other current income on your investment.
|
◾ |
You want to receive the benefits of directly owning the Underlying Fund or the securities held by the Underlying Fund, including dividends and other distributions.
|
◾ |
You seek an investment for which there will be a liquid secondary market.
|
◾ |
You are unwilling or are unable to take market risk on the notes or to take our credit risk as issuer of the notes.
|
Autocallable Strategic Accelerated Redemption Securities®
Linked to the Invesco S&P 500® Equal Weight ETF due July 26, 2030
|
(1) |
a Starting Value of $100.00;
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(2) |
a Threshold Value of $100.00;
|
(3) |
a Call Level of $100.00;
|
(4) |
an expected term of the notes of approximately six years, if the notes are not called on any of the first five Observation Dates;
|
(5) |
a Call Premium of 8.20% of the principal amount if the notes are called on the first Observation Date, 16.40% if called on the second Observation Date, 24.60% if called on the third Observation Date, 32.80% if called on the fourth
Observation Date, 41.00% if called on the fifth Observation Date and 49.20% if called on the final Observation Date ; and
|
(6) |
Observation Dates occurring approximately one, two, three, four, five and six years after the pricing date.
|
Autocallable Strategic Accelerated Redemption Securities®
Linked to the Invesco S&P 500® Equal Weight ETF due July 26, 2030
|
Notes Are Called on an Observation Date
|
Notes Are Not
Called on Any
Observation Date
|
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Example 1
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Example 2
|
Example 3
|
Example 4
|
Example 5
|
Example 6
|
Example 7
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Starting Value
|
$100.00
|
$100.00
|
$100.00
|
$100.00
|
$100.00
|
$100.00
|
$100.00
|
Call Level
|
$100.00
|
$100.00
|
$100.00
|
$100.00
|
$100.00
|
$100.00
|
$100.00
|
Threshold Value
|
$100.00
|
$100.00
|
$100.00
|
$100.00
|
$100.00
|
$100.00
|
$100.00
|
Observation Level on the First Observation Date
|
$150.00
|
$90.00
|
$90.00
|
$90.00
|
$90.00
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$90.00
|
$88.00
|
Observation Level on the Second Observation Date
|
N/A
|
$120.00
|
$90.00
|
$90.00
|
$90.00
|
$90.00
|
$78.00
|
Observation Level on the Third Observation Date
|
N/A
|
N/A
|
$130.00
|
$90.00
|
$90.00
|
$90.00
|
$85.00
|
Observation Level on the Fourth Observation Date
|
N/A
|
N/A
|
N/A
|
$135.00
|
$90.00
|
$90.00
|
$95.00
|
Observation Level on the Fifth Observation Date
|
N/A
|
N/A
|
N/A
|
N/A
|
$145.00
|
$90.00
|
$95.00
|
Observation Level on the Final Observation Date
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
$140.00
|
$85.00
|
Return on the Underlying Fund
|
50.00%
|
20.00%
|
30.00%
|
35.00%
|
45.00%
|
40.00%
|
-15.00%
|
Return on the Notes
|
8.20%
|
16.40%
|
24.60%
|
32.80%
|
41.00%
|
49.20%
|
-15.00%
|
Call Amount / Redemption Amount per Unit
|
$10.82
|
$11.64
|
$12.46
|
$13.28
|
$14.10
|
$14.92
|
$8.50
|
Autocallable Strategic Accelerated Redemption Securities®
Linked to the Invesco S&P 500® Equal Weight ETF due July 26, 2030
|
◾ |
If the notes are not automatically called, your investment will result in a loss; there is no guaranteed return of principal.
|
◾ |
Your return on the notes may be less than the yield you could earn by owning a conventional fixed or floating rate debt security of comparable maturity.
|
◾ |
Your investment return is limited to the return represented by the applicable Call Premium and may be less than a comparable investment directly in the Underlying Fund or the securities held by the Underlying Fund.
|
◾ |
The sponsor of the Underlying Fund may adjust the Underlying Fund in a way that may adversely affect the value of the notes and the amount payable on the notes, and these entities have no obligation to consider your interests.
|
◾ |
The sponsor of the S&P 500® Equal Weight Index (the “Underlying Index”), described below, may adjust the Underlying Index in a way that affects its level, and has no obligation to consider your interests.
|
◾ |
You will have no rights of a holder of the Underlying Fund or the securities held by the Underlying Fund, and you will not be entitled to receive any shares of the Underlying Fund or the securities held by the Underlying Fund, or
any dividends or other distributions in respect of the Underlying Fund or the securities held by the Underlying Fund.
|
◾ |
While we, MLPF&S, BofAS or their or our respective affiliates may from time to time own shares of the Underlying Fund or the securities held by the Underlying Fund, except to the extent that the common stock of Bank of America
Corporation (the parent company of MLPF&S and BofAS), is held by the Underlying Fund, none of us, MLPF&S, BofAS or our or their respective affiliates control the Underlying Fund or any company held by the Underlying Fund, and
have not verified any disclosure made by the Underlying Fund or any other company.
|
◾ |
There are liquidity and management risks associated with the Underlying Fund.
|
◾ |
The performance of the Underlying Fund may not correlate with the performance of its Underlying Index as well as the net asset value per share of the Underlying Fund, especially during periods of market volatility when the
liquidity and the market price of the shares of the Underlying Fund and/or the securities held by the Underlying Fund may be adversely affected, sometimes materially.
|
◾ |
The Redemption Amount will not be adjusted for all corporate events that could affect the Underlying Fund. See “Description of the Notes—Anti-Dilution and Discontinuance Adjustments Relating to Underlying Funds” beginning on page
PS-29 of product supplement EQUITY STR-1.
|
◾ |
Our initial estimated value of the notes is lower than the public offering price of the notes. Our initial estimated value of the notes is only an estimate. The public offering price of the notes exceeds our initial estimated value
because it includes costs associated with selling and structuring the notes, as well as hedging our obligations under the notes with a third party, which may include BofAS or one of its affiliates. These costs include the underwriting
discount and an expected hedging related charge, as further described in “Structuring the Notes” on page TS-15.
|
◾ |
Our initial estimated value of the notes does not represent future values of the notes and may differ from others’ estimates. Our initial estimated value of the notes is determined by reference to our internal pricing models when
the terms of the notes are set. These pricing models consider certain factors, such as our internal funding rate on the pricing date, the expected term of the notes, market conditions and other relevant factors existing at that time,
and our assumptions about market parameters, which can include volatility, dividend rates, interest rates and other factors. Different pricing models and assumptions could provide valuations for the notes that are different from our
initial estimated value. In addition, market conditions and other relevant factors in the future may change, and any of our assumptions may prove to be incorrect. On future dates, the market value of the notes could change
significantly based on, among other things, the performance of the Underlying Fund, changes in market conditions, our creditworthiness, interest rate movements and other relevant factors. These factors, together with various credit,
market and economic factors over the term of the notes, are expected to reduce the price at which you may be able to sell the notes in any secondary market and will affect the value of the notes in complex and unpredictable ways. Our
initial estimated value does not represent a minimum price at which we or any agents would be willing to buy your notes in any secondary market (if any exists) at any time.
|
◾ |
Our initial estimated value is not determined by reference to credit spreads or the borrowing rate we would pay for our conventional fixed-rate debt securities. The internal funding rate used in the determination of our initial
estimated value of the notes generally represents a discount from the credit spreads for our conventional fixed-rate debt securities and the borrowing
|
Autocallable Strategic Accelerated Redemption Securities®
Linked to the Invesco S&P 500® Equal Weight ETF due July 26, 2030
|
◾ |
A trading market is not expected to develop for the notes. None of us, MLPF&S or BofAS is obligated to make a market for, or to repurchase, the notes. There is no assurance that any party will be willing to purchase your notes
at any price in any secondary market.
|
◾ |
Our business, hedging and trading activities, and those of MLPF&S, BofAS and our and their respective affiliates (including trades in the Underlying Fund or the securities held by the Underlying Fund), and any hedging and
trading activities we, MLPF&S, BofAS or our or their respective affiliates engage in for our clients’ accounts, may affect the market value of, and return on, the notes and may create conflicts of interest with you.
|
◾ |
There may be potential conflicts of interest involving the calculation agent, which is BofAS. We have the right to appoint and remove the calculation agent.
|
◾ |
Payments on the notes are subject to our credit risk, and actual or perceived changes in our creditworthiness are expected to affect the value of the notes. If we become insolvent or are unable to pay our obligations, you may lose
your entire investment.
|
◾ |
The U.S. federal income tax consequences of the notes are uncertain, and may be adverse to a holder of the notes. See “Summary of U.S. Federal Income Tax Consequences” below.
|
◾ |
The conclusion that no portion of the interest paid or credited or deemed to be paid or credited on a note will be “Participating Debt Interest” subject to Canadian withholding tax is based in part on the current published
administrative position of the CRA. There cannot be any assurance that CRA’s current published administrative practice will not be subject to change, including potential expansion in the current administrative interpretation of
Participating Debt Interest subject to Canadian withholding tax. If, at any time, the interest paid or credited or deemed to be paid or credited on a note is subject to Canadian withholding tax, you will receive an amount that is less
than the Redemption Amount. You should consult your own adviser as to the potential for such withholding and the potential for reduction or refund of part or all of such withholding, including under any bilateral Canadian tax treaty
the benefits of which you may be entitled. For a discussion of the Canadian federal income tax consequences of investing in the notes, see “Summary of Canadian Federal Income Tax Consequences” below, “Canadian Taxation—Debt
Securities” on page 66 of the prospectus and “Supplemental Discussion of Canadian Federal Income Tax Consequences” on page PS-39 of product supplement EQUITY STR-1.
|
Autocallable Strategic Accelerated Redemption Securities®
Linked to the Invesco S&P 500® Equal Weight ETF due July 26, 2030
|
The Invesco S&P 500® Equal Weight ETF
|
Autocallable Strategic Accelerated Redemption Securities®
Linked to the Invesco S&P 500® Equal Weight ETF due July 26, 2030
|
• |
Domicile. Only common stocks of U.S. companies are eligible. For index purposes, a U.S. company has the following characteristics:
|
o |
the company files 10-K annual reports;
|
o |
the U.S. portion of fixed assets and revenues constitutes a plurality of the total, but need not exceed 50%. When these factors are in conflict, fixed assets determine plurality. Revenue determines
plurality when there is incomplete asset information. Geographic information for revenue and fixed asset allocations are determined by the company as reported in its annual filings. If this criteria is not met or is ambiguous, SPDJI
may still deem the company to be a U.S. company for index purposes if its primary listing, headquarters and incorporation are all in the United States and/or “a domicile of convenience” (Bermuda, Channel Islands, Gibraltar, islands in
the Caribbean, Isle of Man, Luxembourg, Liberia or Panama); and
|
o |
the primary listing is on an eligible U.S. exchange.
|
• |
Exchange Listing. A primary listing on one of the following U.S. exchanges is required: NYSE, NYSE Arca, NYSE American, Nasdaq Global Select Market, Nasdaq Select Market, Nasdaq Capital
Market, Cboe BZX, Cboe BYX, Cboe EDGA or Cboe EDGX exchanges. Ineligible exchanges include the OTC Bulletin Board and Pink Sheets.
|
• |
Organizational Structure and Share Type. Eligible organizational structures and share types are corporations (including equity and
mortgage REITS) and common stock (i.e., shares). Ineligible organizational structures and share types include business development companies, limited partnerships, master limited partnerships, limited liability companies, closed-end
funds, exchange-traded funds, exchange-traded notes, royalty trusts, special purpose acquisition companies, preferred and convertible preferred stock, unit trusts, equity warrants, convertible bonds, investment trusts, rights,
American Depositary Receipts and tracking stocks. As of July 31, 2017, companies with multiple share class structures are not eligible to be added to the S&P U.S. Indices, but securities already included in the S&P U.S.
Indices have been grandfathered and will remain in the S&P U.S. Indices.
|
• |
Market Capitalization. The unadjusted company market capitalization should be within a specified range. Such ranges are reviewed
quarterly and updated as needed to ensure they reflect current market conditions. For spin-offs, S&P U.S. Index membership eligibility is determined using when-issued prices, if available.
|
• |
Liquidity. Using composite pricing and volume, the ratio of annual dollar value traded (defined as average closing price over the
period multiplied by historical volume over the last 365 calendar days) to float-adjusted market capitalization should be at least 1.00, and the stock should trade a minimum of 250,000 shares in each of the six months leading up to
the evaluation date.
|
• |
IWF. The IWF for each company represents the portion of the total shares outstanding that are considered part of the public float for purposes of the S&P U.S. Indices. An IWF of at least
0.10 is required.
|
• |
Financial Viability. The sum of the most recent four consecutive quarters’ Generally Accepted Accounting Principles (GAAP) earnings
(net income excluding discontinued operations) should be positive as should the most recent quarter. For REITs, financial viability is based on GAAP earnings and/or Funds From Operations (FFO), if reported.
|
• |
Treatment of IPOs. Initial public offerings should be traded on an eligible exchange for at least 12 months before being considered
for addition to an S&P U.S. Index. Spin-offs or in-specie distributions from existing constituents do not need to be seasoned for 12 months prior to their inclusion in an S&P U.S. Index.
|
• |
Sector Balance. A company is evaluated for its contribution to sector balance maintenance, as measured by a comparison of each GICS® sector’s weight in an index with its weight in the S&P U.S. Total Market Index, in the relevant market capitalization range. The S&P Total Market Index is a
float-adjusted, market-capitalization weighted index designed to track the broad U.S. equity market, including large-, mid-, small- and micro-cap stocks.
|
Autocallable Strategic Accelerated Redemption Securities®
Linked to the Invesco S&P 500® Equal Weight ETF due July 26, 2030
|
• |
A company involved in a merger, acquisition or significant restructuring such that it no longer meets the eligibility criteria is deleted from the S&P U.S. Indices at a time announced by SPDJI,
normally at the close of the last day of trading or expiration of a tender offer. Constituents that are halted from trading may be kept in the index until trading resumes, at the discretion of the Index Committee. If a stock is moved
to the pink sheets or the bulletin board, the stock is removed.
|
• |
A company that substantially violates one or more of the eligibility criteria may be deleted at the Index Committee’s discretion.
|
Autocallable Strategic Accelerated Redemption Securities®
Linked to the Invesco S&P 500® Equal Weight ETF due July 26, 2030
|
Autocallable Strategic Accelerated Redemption Securities®
Linked to the Invesco S&P 500® Equal Weight ETF due July 26, 2030
|
Autocallable Strategic Accelerated Redemption Securities®
Linked to the Invesco S&P 500® Equal Weight ETF due July 26, 2030
|
Autocallable Strategic Accelerated Redemption Securities®
Linked to the Invesco S&P 500® Equal Weight ETF due July 26, 2030
|
Autocallable Strategic Accelerated Redemption Securities®
Linked to the Invesco S&P 500® Equal Weight ETF due July 26, 2030
|
Autocallable Strategic Accelerated Redemption Securities®
Linked to the Invesco S&P 500® Equal Weight ETF due July 26, 2030
|
Autocallable Strategic Accelerated Redemption Securities®
Linked to the Invesco S&P 500® Equal Weight ETF due July 26, 2030
|
Autocallable Strategic Accelerated Redemption Securities®
Linked to the Invesco S&P 500® Equal Weight ETF due July 26, 2030
|
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1 Month Bank Nova Scotia Halifax Chart |
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