We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | 01:00:00 |
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 BEAR ARN-1 dated
August 23, 2022)
|
302,500 Units
$10 principal amount per unit
CUSIP No. 06418K702
|
Pricing Date
Settlement Date
Maturity Date
|
July 25, 2024
August 1, 2024
September 26, 2025
|
|||
|
|||||
Bear Accelerated Return Notes® Linked to the Nasdaq-100 Index®
◾
Maturity of approximately 14 months
◾
3-to-1 leveraged upside exposure to decreases in the Index, subject to a capped return of 67.50%
◾
1-to-1 downside exposure to increases in the Index, with up to 100.00% of your principal at risk. You will lose all or a portion of the principal amount if the level of
the Index increases
◾
All payments occur at maturity and 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
|
|||||
Per Unit
|
Total
|
|
Public offering price(1)
|
$10.000
|
$3,010,000.00
|
Underwriting discount(1)
|
$0.175
|
$3,793.75
|
Proceeds, before expenses, to BNS
|
$9.825
|
$2,972,062.50
|
(1) |
The public offering price and the underwriting discount for an aggregate of 300,000 units purchased by an individual investor or in combined transactions with the investor’s household of 300,000 units or
more is $9.950 per unit and $0.125 per unit, respectively. See “Supplement to the Plan of Distribution” below.
|
Are Not FDIC Insured
|
Are Not Bank Guaranteed
|
May Lose Value
|
Bear Accelerated Return Notes®
Linked to the Nasdaq-100 Index® due September 26, 2025
|
Issuer:
|
The Bank of Nova Scotia (“BNS”)
|
||
Principal Amount:
|
$10.00 per unit
|
||
Term:
|
Approximately 14 months
|
||
Market Measure:
|
The Nasdaq-100 Index® (Bloomberg symbol: “NDX”), a price return index
|
||
Starting Value:
|
18,830.58
|
||
Ending Value:
|
The average of the closing levels of the Market Measure on each calculation day occurring during the Maturity Valuation Period. The
scheduled calculation days are subject to postponement in the event of Market Disruption Events, as described beginning on page PS-24 of product supplement EQUITY BEAR ARN-1.
|
||
Participation
Rate:
|
300.00%
|
||
Capped Value:
|
$16.75 per unit, which represents a return of 67.50% over the principal amount.
|
||
Maturity Valuation
Period:
|
September 17, 2025, September 18, 2025, September 19, 2025, September 22, 2025 and September 23, 2025
|
||
Fees and
Charges:
|
The underwriting discount of $0.175 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-13.
|
||
Calculation
Agent:
|
BofA Securities, Inc. (“BofAS”).
|
|
Bear Accelerated Return Notes®
Linked to the Nasdaq-100 Index® due September 26, 2025
|
◾ |
Product supplement EQUITY BEAR ARN-1 dated August 23, 2022:
|
◾ |
Prospectus supplement dated December 29, 2021:
|
◾ |
Prospectus dated December 29, 2021:
|
◾ |
You anticipate that the Index will decrease moderately from the Starting Value to the Ending Value.
|
◾ |
You are willing to risk a substantial or entire loss of principal if the Index increases from the Starting Value to the Ending Value.
|
◾ |
You accept that the return on the notes will be capped.
|
◾ |
You are willing to forgo interest payments that are paid on conventional interest-bearing debt securities.
|
◾ |
You are willing to forgo dividends or other benefits of owning the stocks included in the Index.
|
◾ |
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 Redemption Amount.
|
◾ |
You believe that the Index will increase from the Starting Value to the Ending Value or that it will not decrease sufficiently over the term of the notes to provide you with your desired return.
|
◾ |
You seek principal repayment or preservation of capital.
|
◾ |
You seek an uncapped return on your investment.
|
◾ |
You seek interest payments or other current income on your investment.
|
◾ |
You want to receive dividends or other distributions paid on the stocks included in the Index.
|
◾ |
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.
|
|
Bear Accelerated Return Notes®
Linked to the Nasdaq-100 Index® due September 26, 2025
|
|
Ending Value
|
Percentage Change from the
Starting Value to the Ending
Value
|
Redemption Amount per
Unit
|
Total Rate of Return on the
Notes
|
0.00
|
-100.00%
|
$16.75
|
67.50%
|
25.00
|
-75.00%
|
$16.75
|
67.50%
|
50.00
|
-50.00%
|
$16.75
|
67.50%
|
60.00
|
-40.00%
|
$16.75
|
67.50%
|
70.00
|
-30.00%
|
$16.75
|
67.50%
|
77.50
|
-22.50%
|
$16.75
|
67.50%
|
80.00
|
-20.00%
|
$16.00
|
60.00%
|
90.00
|
-10.00%
|
$13.00
|
30.00%
|
95.00
|
-5.00%
|
$11.50
|
15.00%
|
100.00(1)(2)
|
0.00%
|
$10.00
|
0.00%
|
110.00
|
10.00%
|
$9.00
|
-10.00%
|
120.00
|
20.00%
|
$8.00
|
-20.00%
|
130.00
|
30.00%
|
$7.00
|
-30.00%
|
140.00
|
40.00%
|
$6.00
|
-40.00%
|
150.00
|
50.00%
|
$5.00
|
-50.00%
|
160.00
|
60.00%
|
$4.00
|
-60.00%
|
180.00
|
80.00%
|
$2.00
|
-80.00%
|
200.00
|
100.00%
|
$0.00
|
-100.00%
|
210.00
|
110.00%
|
$0.00
|
-100.00%
|
(1) |
The hypothetical Starting Value of 100.00 used in these examples has been chosen for illustrative purposes only. The actual Starting Value is 18,830.58, which was the closing level of the
Index on the pricing date.
|
(2)
|
The Redemption Amount per unit cannot exceed the Capped Value.
|
Bear Accelerated Return Notes®
Linked to the Nasdaq-100 Index® due September 26, 2025
|
Example 1
|
|
The Ending Value is 140.00, or 140.00% of the Starting Value:
|
|
Starting Value:
|
100.00
|
Ending Value:
|
140.00
|
= 6.00 Redemption Amount per unit
|
Example 2
|
|
The Ending Value is 90.00, or -10.00% of the Starting Value:
|
|
Starting Value:
|
100.00
|
Ending Value:
|
90.00
|
= $13.00 Redemption Amount per unit
|
Example 3
|
|
The Ending Value is 70.00, or 70.00% of the Starting Value:
|
|
Starting Value:
|
100.00
|
Ending Value:
|
70.00
|
= $19.00, however, because the Redemption Amount for the notes cannot exceed the Capped Value, the Redemption Amount will be $16.75 per unit
|
Bear Accelerated Return Notes®
Linked to the Nasdaq-100 Index® due September 26, 2025
|
◾ |
Depending on the performance of the Index as measured shortly before the maturity date, your investment may result in a loss; there is no guaranteed return of principal. If the Ending Value is greater than the Starting Value, you
will lose all or a portion of your principal amount.
|
◾ |
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 Capped Value and may be less than a comparable investment that takes a short position directly in the Index (or the securities included in the Index). You will not
receive a Redemption Amount greater than the Capped Value, regardless of the extent of any decrease in the level of the Index. In contrast, a short position in the Index (or the securities included in the Index) would allow you to
receive the full benefit of any decrease in the level of the Index (or those underlying securities).
|
◾ |
The Index sponsor may adjust the Index in a way that may adversely affect its level and your interests, and the Index sponsor has no obligation to consider your interests.
|
◾ |
You will have no rights of a holder of the securities included in the Index, and you will not be entitled to receive securities or dividends or other distributions by the issuers of those securities.
|
◾ |
While we, MLPF&S, BofAS or our respective affiliates may from time to time own securities of companies included in the Index, none of us, MLPF&S, BofAS or our respective affiliates control any company included in the Index,
and have not verified any disclosure made by any other company.
|
◾ |
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-13.
|
◾ |
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 Index, 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 rate we would pay for our conventional fixed-rate debt securities. If we were to
use the interest rate implied by the credit spreads for our conventional fixed-rate debt securities, or the borrowing rate we would pay for our conventional fixed-rate debt securities, we would expect the economic terms of the notes
to be more favorable to you. Consequently, our use of an internal funding rate for the notes would have an adverse effect on the economic terms of the notes, the initial estimated value of the notes on the pricing date, and the price
at which you may be able to sell the notes in any secondary market.
|
◾ |
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.
|
Bear Accelerated Return Notes®
Linked to the Nasdaq-100 Index® due September 26, 2025
|
◾ |
Our business, hedging and trading activities, and those of MLPF&S, BofAS and our and their respective affiliates (including trades in shares of companies included in the Index), 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-36 of product supplement EQUITY BEAR ARN-1.
|
Bear Accelerated Return Notes®
Linked to the Nasdaq-100 Index® due September 26, 2025
|
The Nasdaq-100 Index®
|
• |
the issuer of the security’s U.S. listing must be exclusively on the Nasdaq Global Select Market or the Nasdaq Global Market (unless the security was dually listed on another U.S. market prior to
January 1, 2004 and has continuously maintained such listing);
|
• |
a security must be issued by a non-financial company;
|
• |
a security may not be issued by an issuer currently in bankruptcy proceedings;
|
• |
a security must have an average daily trading volume of at least 200,000 shares in the previous three months (measured annually during the ranking review process described below);
|
• |
if the issuer of the security is organized under the laws of a jurisdiction outside the United States, then such security must have listed options on a recognized options market in the United States
or be eligible for listed-options trading on a recognized options market in the United States (measured during the ranking review process);
|
• |
the issuer of the security may not have entered into a definitive agreement or other arrangement where the transaction is determined to be highly probable and would likely result in the security no
longer being Index eligible;
|
• |
the issuer of the security may not have annual financial statements with an audit opinion that is currently withdrawn; and
|
• |
the security must have “seasoned” on the Nasdaq, NYSE or CBOE. Generally, a company is considered to be seasoned if it has been listed on a market for at least three full months (excluding the first
month of initial listing).
|
• |
the issuer of the security’s primary U.S. listing must be exclusively listed on the Nasdaq Global Select Market or the Nasdaq Global Market;
|
• |
the security must be issued by a non-financial company;
|
• |
the security may not be issued by an issuer currently in bankruptcy proceedings;
|
• |
the security must have an average daily trading volume of at least 200,000 shares in the previous three month trading period (measured during the ranking review process);
|
• |
if the issuer of the security is organized under the laws of a jurisdiction outside the United States, then such security must have listed options on a recognized options market in the United States or be eligible for
listed-options trading on a recognized options market in the United States;
|
Bear Accelerated Return Notes®
Linked to the Nasdaq-100 Index® due September 26, 2025
|
• |
the issuer must have an adjusted market capitalization equal to or exceeding 0.10% of the aggregate adjusted market capitalization of the Index at each month-end. In the event a company does not meet this criterion for two
consecutive month-ends, it will be removed from the Index effective after the close of trading on the third Friday of the following month; and
|
• |
the issuer of the security may not have annual financial statements with an audit opinion that is currently withdrawn.
|
Bear Accelerated Return Notes®
Linked to the Nasdaq-100 Index® due September 26, 2025
|
Bear Accelerated Return Notes®
Linked to the Nasdaq-100 Index® due September 26, 2025
|
Bear Accelerated Return Notes®
Linked to the Nasdaq-100 Index® due September 26, 2025
|
• |
the investor’s spouse (including a domestic partner), siblings, parents, grandparents, spouse’s parents, children and grandchildren, but excluding accounts held by aunts, uncles, cousins, nieces, nephews or any other family
relationship not directly above or below the individual investor;
|
• |
a family investment vehicle, including foundations, limited partnerships and personal holding companies, but only if the beneficial owners of the vehicle consist solely of the investor or members of the investor’s household as
described above; and
|
• |
a trust where the grantors and/or beneficiaries of the trust consist solely of the investor or members of the investor’s household as described above; provided that, purchases of the notes by a trust generally cannot be aggregated
together with any purchases made by a trustee’s personal account.
|
Bear Accelerated Return Notes®
Linked to the Nasdaq-100 Index® due September 26, 2025
|
Bear Accelerated Return Notes®
Linked to the Nasdaq-100 Index® due September 26, 2025
|
Bear Accelerated Return Notes®
Linked to the Nasdaq-100 Index® due September 26, 2025
|
Bear Accelerated Return Notes®
Linked to the Nasdaq-100 Index® due September 26, 2025
|
Bear Accelerated Return Notes®
Linked to the Nasdaq-100 Index® due September 26, 2025
|
1 Year Bank Nova Scotia Halifax Chart |
1 Month Bank Nova Scotia Halifax Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions