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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 | 01:00:00 |
PRICING SUPPLEMENT
Dated July 25, 2024
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 dated December 29, 2021)
|
Investment Description
|
Features
|
☐ |
Participation in the Positive Underlying Return with Step Return Feature: At maturity, if the final level is equal to or greater than the step barrier, the
Securities provide a percentage return equal to the greater of (i) the step return and (ii) the underlying return.
|
☐ |
Contingent Repayment of Principal at Maturity with Potential for Full Downside Market Exposure: If the final level is less than the step barrier but equal to or
greater than the downside threshold, BNS will pay you a cash payment per Security at maturity equal to the principal amount. If, however, the final level is less than the downside threshold, BNS will pay you a cash payment per
Security at maturity that is less than the principal amount, if anything, resulting in a percentage loss of your principal amount equal to the underlying return and, in extreme situations, you could lose your entire investment
in the Securities. The contingent repayment of principal applies only if you hold the Securities to maturity. Any payment on the Securities, including any repayment of principal, is subject to the creditworthiness of BNS.
|
Key Dates
|
Strike Date
|
July 24, 2024
|
Trade Date*
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July 25, 2024
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Settlement Date*
|
July 30, 2024
|
Final Valuation Date**
|
July 25, 2029
|
Maturity Date**
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July 30, 2029
|
* |
We expect to deliver the Securities against payment on the third business day following the trade date. Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary
market generally are required to settle in one business day (T+1), unless the parties to a trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Securities in the secondary market on any date prior to
one business day before delivery of the Securities will be required, by virtue of the fact that each Security initially will settle in three business days (T+3), to specify alternative settlement arrangements to prevent a failed
settlement of the secondary market trade.
|
** |
Subject to postponement in the event of a market disruption event, as described in the accompanying product supplement.
|
Security Offering
|
Underlying
|
Bloomberg
Ticker
|
Step Return
|
Initial Level
|
Step Barrier
|
Downside Threshold
|
CUSIP
|
ISIN
|
Shares of the Invesco S&P 500® Equal Weight ETF
|
RSP
|
30.00%
|
$167.15
|
$167.15, which is 100.00% of the Initial Level
|
$125.36, which is 75.00% of the Initial Level
|
06418K736
|
US06418K7366
|
Offering of Securities
|
Issue Price to Public
|
Underwriting Discount(1)(2)
|
Proceeds to The Bank of Nova Scotia(1)(2)
|
|||
Total
|
Per
Security
|
Total
|
Per
Security
|
Total
|
Per Security
|
|
Securities linked to the shares of the Invesco S&P 500® Equal Weight ETF
|
$3,000,000.00
|
$10.00
|
$105,000.00
|
$0.35
|
$2,895,000.00
|
$9.65
|
(1)
|
Scotia Capital (USA) Inc. (“SCUSA”), our affiliate, has agreed to purchase the Securities at the principal amount and, as part of the distribution of
the Securities, has agreed to sell the Securities to UBS Financial Services Inc. (“UBS”) at the discount specified in the table above. See “Supplemental Plan of Distribution (Conflicts of Interest); Secondary Markets (if any)” herein
for additional information.
|
(2)
|
This amount excludes any profits to BNS, SCUSA or any of our other affiliates from hedging. See “Key Risks” and “Supplemental Plan of Distribution
(Conflicts of Interest); Secondary Markets (if any)” herein for additional considerations relating to hedging activities.
|
Scotia Capital (USA) Inc.
|
UBS Financial Services Inc.
|
Additional Information About BNS and the Securities
|
♦ |
Product Supplement (Market-Linked Notes, Series A) dated December 29, 2021:
|
♦ |
Prospectus Supplement dated December 29, 2021:
|
♦ |
Prospectus dated December 29, 2021:
|
Investor Suitability
|
♦ |
You fully understand and are willing to accept the risks inherent in an investment in the Securities, including the risk of loss of your entire investment.
|
♦ |
You can tolerate a loss of a significant portion or all of your investment in the Securities and are willing to make an investment that may have the same downside market risk as that of an investment in the underlying or the assets
comprising the underlying (the “underlying constituents”).
|
♦ |
You believe that the level of the underlying will appreciate over the term of the Securities.
|
♦ |
You are willing to invest in the Securities based on the step barrier, downside threshold and step return indicated on the cover hereof.
|
♦ |
You can tolerate fluctuations in the price of the Securities prior to maturity that may be similar to or exceed the downside fluctuations in the level of the underlying.
|
♦ |
You do not seek current income from your investment and are willing to forgo any dividends paid on the underlying or the underlying constituents.
|
♦ |
You understand and are willing to accept the risks associated with the underlying.
|
♦ |
You are willing to hold the Securities to maturity and accept that there may be little or no secondary market for the Securities.
|
♦ |
You are willing to assume the credit risk of BNS for all payments under the Securities, and understand that if BNS defaults on its obligations you may not receive any amounts due to you including any repayment of principal.
|
♦ |
You do not fully understand or are not willing to accept the risks inherent in an investment in the Securities, including the risk of loss of your entire investment.
|
♦ |
You require an investment designed to provide a full return of principal at maturity.
|
♦ |
You cannot tolerate a loss of a significant portion or all of your investment in the Securities or are unwilling to make an investment that may have the same downside market risk as that of an investment in the underlying or the
underlying constituents.
|
♦ |
You believe that the level of the underlying will decline during the term of the Securities and that the final level is likely to be less than the downside threshold.
|
♦ |
You are unwilling to invest in the Securities based on the step barrier, downside threshold or step return indicated on the cover hereof.
|
♦ |
You cannot tolerate fluctuations in the price of the Securities prior to maturity that may be similar to or exceed the downside fluctuations in the level of the underlying.
|
♦ |
You do not understand or are not willing to accept the risks associated with the underlying.
|
♦ |
You seek current income from your investment or prefer to receive any dividends paid on the underlying or the underlying constituents.
|
♦ |
You are unable or unwilling to hold the Securities to maturity or you seek an investment for which there will be an active secondary market.
|
♦ |
You are not willing to assume the credit risk of BNS for all payments under the Securities, including any repayment of principal.
|
Final Terms
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Issuer
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The Bank of Nova Scotia
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||
Issue
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Senior Note Program, Series A
|
||
Agents
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Scotia Capital (USA) Inc. (“SCUSA”) and UBS Financial Services Inc. (“UBS”)
|
||
Principal
Amount
|
$10 per Security (subject to a minimum investment of 100 Securities)
|
||
Term
|
Approximately 5 years.
|
||
Underlying
|
Invesco S&P 500® Equal Weight ETF
|
||
Step Return
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30.00%
|
||
Payment at
Maturity (per
Security)
|
If the final level is equal to or greater than the step barrier, BNS will pay you an amount in cash equal to:
|
||
$10 × (1 + the greater of (i) the Step Return and (ii) the Underlying Return)
|
|||
If the final level is less than the step barrier but equal to or greater than the downside threshold, BNS will pay you
an amount in cash equal to:
Principal Amount of $10
|
|||
If the final level is less than the downside threshold, BNS will pay you an amount in cash that is less than your
principal amount, if anything, equal to:
|
|||
$10 × (1 + Underlying Return)
In this scenario, you will suffer a percentage loss of your principal amount equal to the underlying
return and, in extreme situations, you could lose your entire investment in the Securities.
|
|||
Underlying
Return
|
The quotient, expressed as a percentage, of the following formula:
Final Level − Initial Level
Initial Level
|
||
Initial Level(1)
|
The closing level of the underlying on the strike date, as specified on the cover hereof.
|
||
Final Level(1)
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The closing level of the underlying on the final valuation date.
|
||
Step Barrier(1)
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A specified level of the underlying that is equal to the initial level, as specified on the cover hereof.
|
||
Downside
Threshold(1)
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A specified level of the underlying that is less than the initial level, equal to a percentage of the initial level, as specified on the cover hereof.
|
||
(1) As determined by the calculation agent and as may be adjusted by the calculation agent in the case of certain adjustment events as described under “General Terms
of the Notes — Unavailability of the Closing Value of a Reference Asset; Adjustments to a Reference Asset — Unavailability of the Closing Value of a Reference Equity”, ”— Adjustments to a Reference ETF” and “— Anti-Dilution
Adjustments Relating to a Reference Equity” in the accompanying product supplement.
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Business Day
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A day other than a Saturday or Sunday or a day on which banking institutions in New York City are authorized or required by law to close
|
||
Tax
Redemption
|
Notwithstanding anything to the contrary in the accompanying product supplement, the provision set forth under “General Terms of the Notes—Payment of Additional
Amounts” and “General Terms of the Notes—Tax Redemption” shall not apply to the Securities.
|
||
Canadian Bail-in
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The Securities are not bail-inable debt securities under the CDIC Act.
|
||
Terms
Incorporated
|
All of the terms appearing above the item under the caption “General Terms of the Notes” in the accompanying product supplement, as modified by this pricing
supplement, and for purposes of the foregoing, references herein to “underlying”, “underlying constituents”, “closing level”, “underlying return” and “downside threshold” mean “reference asset”, “reference asset constituents”,
“closing value”, “reference asset return” and “barrier value”, respectively, each as defined in the accompanying product supplement. In addition to those terms, the following two sentences are also so incorporated into the master
note: BNS confirms that it fully understands and is able to calculate the effective annual rate of interest applicable to the Securities based on the methodology for calculating per annum rates provided for in the Securities. BNS
irrevocably agrees not to plead or assert Section 4 of the Interest Act (Canada), whether by way of defense or otherwise, in any proceeding relating to the Securities.
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Investment Timeline
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Strike Date
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The initial level is observed and the final terms of the Securities are set.
|
||
Maturity Date
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The final level is observed on the final valuation date and the underlying return is calculated.
If the final level is equal to or greater than the step barrier, BNS will pay you an amount in cash per Security equal
to:
$10 × (1 + the greater of (i) the Step Return and (ii) the Underlying Return)
If the final level is less than the step barrier but equal to or greater than the downside threshold, BNS will pay you
an amount in cash per Security equal to:
Principal Amount of $10
If the final level is less than the downside threshold, BNS will pay you an amount in cash per Security that is less
than your principal amount, if anything, equal to:
$10 × (1 + Underlying Return)
In this scenario, you will suffer a percentage loss of your principal amount equal to the underlying return and, in
extreme situations, you could lose your entire investment in the Securities.
|
|
Key Risks
|
♦ |
Risk of loss at maturity — The Securities differ from ordinary debt securities in that BNS will not necessarily repay the principal amount of the Securities. BNS will pay you the principal amount
of your Securities in cash at maturity only if the final level is equal to or greater than the downside threshold. If the final level is less than the downside threshold, you will lose a percentage of your principal amount equal to the
underlying return and, in extreme situations, you could lose your entire investment in the Securities.
|
♦ |
The contingent repayment of principal applies only at maturity — You should be willing to hold your Securities to maturity. The stated payout by the issuer is available only if you hold your
Securities to maturity. If you are able to sell your Securities prior to maturity in the secondary market, you may have to sell them at a loss relative to your investment in the Securities even if the then-current level of the underlying is
equal to or greater than the step barrier or downside threshold.
|
♦ |
The step return and potential participation in appreciation of the underlying apply only at maturity — You should be willing to hold your Securities to maturity. If you are able to sell your
Securities prior to maturity in the secondary market, the price you receive will likely not reflect the full economic value of the step return or the participation in the underlying return in excess of the step return, even if such return
is positive. You can receive the full benefit of such features only if you hold your Securities to maturity.
|
♦ |
No interest payments — BNS will not pay any interest with respect to the Securities.
|
♦ |
Greater expected volatility generally indicates an increased risk of loss at maturity — “Volatility” refers to the frequency and magnitude of changes in the level of the underlying. The greater the
expected volatility of the underlying as of the time the terms of the Securities are set, the greater the expectation is as of such time that the final level could be less than the downside threshold and, as a consequence, indicates an
increased risk of loss. However, the underlying’s volatility can change significantly over the term of the Securities, and a relatively lower downside threshold may not necessarily indicate that the Securities have a greater likelihood of a
return of principal at maturity. You should be willing to accept the downside market risk of the underlying and the potential to lose a significant portion or all of your investment in the Securities.
|
♦ |
Owning the Securities is not the same as owning the underlying constituents — The return on your Securities may not reflect the return you would realize if you actually owned the underlying or the
underlying constituents. For instance, you will not receive or be entitled to receive any dividend payments or other distributions paid to holders of the underlying or the underlying constituents during the term of the Securities, and any
such dividends or distributions will not be factored into the calculation of the payment at maturity on your Securities. In addition, as an owner of the Securities, you will not have voting rights or any other rights that a holder of the
underlying or the underlying constituents may have.
|
♦ |
Market risk — The return on the Securities, which may be negative, is directly linked to the performance of the underlying and indirectly linked to the performance of the underlying constituents,
and will depend on whether, and the extent to which, the underlying return is positive or negative. The level of the underlying can rise or fall sharply due to factors specific to the underlying, the sponsor of the underlying (the
“underlying sponsor”) and the underlying constituents and their issuers (each, an “underlying constituent issuer”), such as stock price volatility, earnings and financial conditions, corporate, industry and regulatory developments,
management changes and decisions and other events, as well as general market factors, such as general stock market or commodity market volatility and levels, interest rates and economic, political and other conditions. You, as an investor
in the Securities, should conduct your own investigation into the underlying sponsor and the underlying. For additional information regarding the underlying, please see “Information About the Underlying” herein and the SEC filings relating
to the underlying. We urge you to review financial and other information filed regarding the underlying periodically by with the SEC.
|
♦ |
There can be no assurance that the investment view implicit in the Securities will be successful — It is impossible to predict whether and the extent to which the level of the underlying will rise
or fall and there can be no assurance that the final level will be equal to or greater than the step barrier or downside threshold. The performance of the underlying from the initial level to the final level will be influenced by complex
and interrelated political, economic, financial and other factors that affect the underlying constituent issuers. You should be willing to accept the risks of owning equities in general and the underlying constituents in particular, and the
risk of losing a significant portion or all of your investment in the Securities.
|
♦ |
There are risks associated with an underlying that is an ETF — Although the shares of the underlying are listed for trading on a national securities
exchange and a number of similar products have been traded on national securities exchanges for varying periods of time, there is no assurance that an active trading market will continue for the underlying or that there will be liquidity in
the trading market. In addition:
|
♦ |
There is no affiliation among the underlying constituent issuers, the target index sponsor or the underlying sponsor and us or the Agents — BNS, the Agents and our other or their respective
affiliates may currently, or from time to time in the future, engage in business with the underlying constituent issuers, the target index sponsor or the underlying sponsor. None of us, the Agents or any of our other or their respective
affiliates have participated in the preparation of any publicly available information or made any “due diligence” investigation or inquiry with respect to the underlying or its underlying constituents. You should make your own investigation
into the underlying, underlying sponsor and the underlying constituent issuers. See the section below entitled “Information About the Underlying” herein for additional information about the underlying.
|
♦ |
BNS cannot control actions by the underlying sponsor and the underlying sponsor has no obligation to consider your interests — The underlying sponsor may from time to time be called upon to make
certain policy decisions or judgments with respect to the implementation of its policies concerning the calculation of the net asset value of the underlying, additions, deletions or substitutions of its underlying constituents and the
manner in which changes affecting the target index are reflected in the underlying that could affect the market price of the shares of the underlying, and therefore, the return on the Securities. The return on the Securities and their
market value could also be affected if the underlying sponsor changes these policies, for example, by changing the manner in which it calculates the net asset value of the underlying, or if the underlying sponsor discontinues or suspends
calculation or publication of the net asset value of the underlying, in which case it may become difficult or inappropriate to determine the market value of your Securities. If events such as these occur, the calculation agent may be
required to make discretionary judgments that affect the return you receive on the Securities.
|
♦ |
BNS and the Agents cannot control actions by the target index sponsor and the target index sponsor has no obligation to consider your interests — None of BNS, UBS or our or their respective
affiliates are affiliated with the target index sponsor and have any ability to control or predict its actions, including any errors in or discontinuation of public disclosure regarding methods or policies relating to the calculation of the
target index. The target index sponsor is not involved in the Securities offering in any way and has no obligation to consider your interest as an owner of the Securities in taking any actions that might affect the market value of, and
return on, the Securities.
|
♦ |
Changes affecting the target index could have an adverse effect on the market value of, and return on, the Securities — The target index sponsor owns the target index and is responsible for the
design and maintenance of the target index. The policies of the target index sponsor concerning the calculation of the target index, including decisions regarding the addition, deletion or substitution of the equity securities included in
the target index, could affect the level of the target index and, consequently, could affect the market price of the underlying and, therefore, the market value of, and return on, the Securities. The target index sponsor may discontinue or
suspend calculation or dissemination of its target index. Any such actions could have an adverse effect on the market value of, and return on, the Securities.
|
♦ |
BNS’ initial estimated value of the Securities at the time of pricing is lower than the issue price of the Securities — BNS’ initial estimated value of the Securities is only an estimate. The issue
price of the Securities exceeds BNS’ initial estimated value. The difference between the issue price of the Securities and BNS’ initial estimated value reflects costs associated with selling and structuring the Securities, as well as
hedging its obligations under the Securities. Therefore, the economic terms of the Securities are less favorable to you than they would have been if these expenses had not been paid or had been lower.
|
♦ |
Neither BNS’ nor SCUSA’s estimated value of the Securities at any time is determined by reference to credit spreads or the borrowing rate BNS would pay for its conventional fixed-rate debt securities —
BNS’ initial estimated value of the Securities and SCUSA’s estimated value of the Securities at any time are determined by reference to BNS’ internal funding rate. The internal funding rate used in the determination of the estimated value
of the Securities generally represents a discount from the credit spreads for BNS’ conventional fixed-rate debt securities and the borrowing rate BNS would pay for its conventional fixed-rate debt securities. This discount is based on,
among other things, BNS’ view of the funding value of the Securities as well as the higher issuance, operational and ongoing liability management costs of the Securities in comparison to those costs for BNS’ conventional fixed-rate debt. If
the interest rate implied by the credit spreads for BNS’ conventional fixed-rate debt securities, or the borrowing rate BNS would pay for its conventional fixed-rate debt securities were to be used, BNS would expect the economic terms of
the Securities to be more favorable to you. Consequently, the use of an internal funding rate for the Securities increases the estimated value of the Securities at any time and has an adverse effect on the economic terms of the Securities.
|
♦ |
BNS’ initial estimated value of the Securities does not represent future values of the Securities and may differ from others’ (including SCUSA’s) estimates — BNS’ initial estimated value of the
Securities was determined by reference to its internal pricing models on the trade date. These pricing models consider certain factors, such as BNS’ internal funding rate on the trade date, the expected term of the Securities, market
conditions and other relevant factors existing at that time, and BNS’ assumptions about market parameters, which can include volatility of the underlying, dividend rates, interest rates and other factors. Different pricing models and
assumptions (including the pricing models and assumptions used by SCUSA) could provide valuations for the Securities that are different, and perhaps materially lower, from BNS’ initial estimated value. Therefore, the price at which SCUSA
would buy or sell your Securities (if SCUSA makes a market, which it is not obligated to do) may be materially lower than BNS’ initial estimated value. In addition, market conditions and other relevant factors in the future may change, and
any assumptions may prove to be incorrect.
|
♦ |
The Securities have limited liquidity — The Securities will not be listed on any securities exchange or automated quotation system. Therefore, there may be little or no secondary market for the
Securities. SCUSA and any other affiliates of BNS intend, but are not required, to make a market in the Securities. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the Securities
easily. Because we do not expect that other broker-dealers will participate in the secondary market for the Securities, the price at which you may be able to trade your Securities is likely to depend on the price, if any, at which SCUSA is
willing to purchase the Securities from you. If at any time SCUSA does not make a market in the Securities, it is likely that there would be no secondary market for the Securities. Accordingly, you should be willing to hold your Securities
to maturity.
|
♦ |
The price at which SCUSA would buy or sell the Securities (if SCUSA makes a market, which it is not obligated to do) will be based on SCUSA’s estimated value of the Securities and may be greater than BNS’
valuation of the Securities at that time, greater than any other secondary market prices provided by unaffiliated dealers (if any) and, depending on your broker, greater than the valuation provided on your customer account statements —
SCUSA’s estimated value of the Securities is determined by reference to its pricing models and takes into account BNS’ internal funding rate. The price at which SCUSA would initially buy or sell the Securities in the secondary market (if
SCUSA makes a market, which it is not obligated to do) may exceed (i) SCUSA’s estimated value of the Securities at the time of pricing, (ii) any secondary market prices provided by unaffiliated dealers, potentially including UBS, and (ii)
depending on your broker, the valuation provided on your customer account statement. The price that SCUSA may initially offer to buy such Securities following issuance will exceed the valuations indicated by its internal pricing models due
to the inclusion for a limited period of time of the aggregate value of the costs associated with structuring and selling the Securities, including the underwriting discount, hedging costs, issuance costs and theoretical projected trading
profit. The portion of such amounts included in any secondary market price will decline to zero on a straight line basis over a period ending no later than the date specified under “Supplemental Plan of Distribution (Conflicts of Interest);
Secondary Markets (if any).” Thereafter, if SCUSA buys or sells the Securities it will do so at prices that reflect the estimated value determined by reference to SCUSA’s pricing models at that time. The price at which SCUSA will buy or
sell the Securities at any time also will reflect its then current bid and ask spread for similar sized trades of structured notes. The temporary positive differential relative to SCUSA’s internal pricing models arises from requests from
and arrangements made by BNS and the Agents. As described above, SCUSA and its affiliates intend, but are not required, to make a market for the Securities and may stop making a market at any time. SCUSA reflects this temporary positive
differential on its customer account statements. Investors should inquire as to the valuation provided on customer account statements provided by unaffiliated dealers, including UBS.
|
♦ |
The price of the Securities prior to maturity will depend on a number of factors and may be substantially less than the principal amount — Because structured notes, including the Securities, can
be thought of as having a debt component and a derivative component, factors that influence the values of debt instruments and options and other derivatives will also affect the terms and features of the Securities at issuance and the
market price of the Securities prior to maturity. Some of these factors include, but are not limited to: (i) actual or anticipated changes in the level of the underlying over the full term of the Securities, (ii) volatility of the level of
the underlying and the underlying constituents and the market’s perception of future volatility of the foregoing, (iii) changes in interest rates generally, (iv) any actual or anticipated changes in our credit ratings or credit spreads, (v)
dividend yields on the underlying and (vi) time remaining to maturity. In particular, because the provisions of the Securities relating to the payment at maturity behave like options, the value of the Securities will vary in ways which are
non-linear and may not be intuitive.
|
♦ |
Hedging activities by BNS and SCUSA may negatively impact investors in the Securities and cause our respective interests and those of our clients and counterparties to be contrary to those of investors in
the Securities — We, SCUSA or one or more of our other affiliates has hedged or expects to hedge our obligations under the Securities. Such hedging transactions may include entering into swap or similar agreements, purchasing
shares of the underlying, the underlying constituents and/or purchasing futures, options and/or other instruments linked to the underlying and/or one or more of the underlying constituents. We, SCUSA or one or more of our or their
respective affiliates also expects to adjust the hedge by, among other things, purchasing or selling any of the foregoing, and perhaps other instruments linked to the underlying and/or one or more of the underlying constituents, at any time
and from time to time, and to unwind the hedge by selling any of the foregoing on or before the final valuation date. We, SCUSA or one or more of our or their respective affiliates may also enter into, adjust and unwind hedging transactions
relating to other basket- or index-linked Securities whose returns are linked to changes in the level of the underlying and/or one or more of the underlying constituents. Any of these hedging activities may adversely affect the level of the
underlying — directly or indirectly by affecting the price of the underlying constituents — and therefore the market value of the Securities and the amount you will receive, if any, on the Securities.
|
♦ |
The calculation agent can make antidilution and other adjustments that may adversely affect the market value of, and return on, the Securities — For antidilution and certain other events
(including, but not limited to, a modification to the methodology of the underlying or its target index) affecting the underlying, the calculation agent may make adjustments to its initial level, downside threshold, closing level and/or
final level, as applicable, and any other term of the Securities. However, the calculation agent will not make an adjustment in response to every corporate event that could affect the underlying. If an event occurs that does not require the
calculation agent to make an adjustment, the market value of, and any payment on, the Securities may be materially and adversely affected. In addition, all determinations and calculations concerning any such adjustments will be made by the
calculation agent. You should be aware that the calculation agent may make any such adjustment, determination or calculation in a manner that differs from that discussed in the accompanying product supplement or this document as necessary
to achieve an equitable result. The occurrence of any antidilution or reorganization event and the consequent adjustments may materially and adversely affect the value of, and any amounts payable on, the Securities.
|
♦ |
We, the Agents and our or their respective affiliates regularly provide services to, or otherwise have business relationships with, a broad client base, which has included and may include us and the
underlying sponsor and/or underlying constituent issuers, and the market activities by us, the Agents or our or their respective affiliates for our or their own respective accounts or for our or their respective clients could negatively
impact investors in the Securities — We, the Agents and our or their respective affiliates regularly provide a wide range of financial services, including financial advisory, investment advisory and transactional services to a
substantial and diversified client base. As such, we each may act as an investor, investment banker, research provider, investment manager, investment advisor, market maker, trader, prime broker or lender. In those and other capacities, we,
the Agents and/or our or their respective affiliates purchase, sell or hold a broad array of investments, actively trade securities (including the Securities or other securities that we have issued), the underlying, the underlying
constituents, derivatives, loans, credit default swaps, indices, baskets and other financial instruments and products for our or their own respective accounts or for the accounts of our or their respective customers, and we will have other
direct or indirect interests, in those securities and in other markets that may not be consistent with your interests and may adversely affect the level of the underlying and/or the value of the Securities. You should assume that we or they
will, at present or in the future, provide such services or otherwise engage in transactions with, among others, us and the underlying constituent issuers, or transact in securities or instruments or with parties that are directly or
indirectly related to these entities. These services could include making loans to or equity investments in those companies, providing financial advisory or other investment banking services, or issuing research reports. Any of these
financial market activities may, individually or in the aggregate, have an adverse effect on the level of the underlying and the market for your Securities, and you should expect that our interests and those of the Agents and/or our or
their respective affiliates, clients or counterparties, will at times be adverse to those of investors in the Securities.
|
♦ |
Potential impact on price by BNS or the Agents — Trading or transactions by BNS, the Agents or our or their respective affiliates in the underlying constituents, listed and/or over-the-counter
options, futures or other instruments with returns linked to the performance of the underlying or any underlying constituent may adversely affect the performance of the underlying or applicable underlying constituent and, therefore, the
market value of, and return on, the Securities. See “— Risks Relating to Hedging Activities and Conflicts of Interest— Hedging activities by BNS and SCUSA may negatively impact investors in the Securities and cause our respective interests
and those of our clients and counterparties to be contrary to those of investors in the Securities” for additional information regarding hedging-related transactions and trading.
|
♦ |
The calculation agent will have significant discretion with respect to the Securities, which may be exercised in a manner that is adverse to your interests — The calculation agent will be an
affiliate of BNS. The calculation agent can postpone the determination of the final level on the final valuation date if a market disruption event occurs and is continuing on that day.
|
♦ |
Potentially inconsistent research, opinions or recommendations by BNS or the Agents — BNS, the Agents and our or their respective affiliates may publish research from time to time on financial
markets and other matters that may influence the value of the Securities, or express opinions or provide recommendations that are inconsistent with purchasing or holding the Securities. Any research, opinions or recommendations expressed by
BNS, the Agents or our or their respective affiliates may not be consistent with each other and may be modified from time to time without notice. Investors should make their own independent investigation of the merits of investing in the
Securities and the underlying to which the Securities are linked.
|
♦ |
Credit risk of BNS — The Securities are senior unsecured debt obligations of BNS and are not, either directly or indirectly, an obligation of any third party. Any payment to be made on the
Securities, including any repayment of principal at maturity, depends on the ability of BNS to satisfy its obligations as they come due. As a result, BNS’ actual and perceived creditworthiness may affect the market value of the Securities.
If BNS were to default on its obligations, you may not receive any amounts owed to you under the terms of the Securities and you could lose your entire investment in the Securities.
|
♦ |
BNS is subject to the resolution authority under the CDIC Act — Although the Securities are not bail-inable debt securities under the CDIC Act, as described elsewhere in this pricing supplement,
BNS remains subject generally to Canadian bank resolution powers under the CDIC Act. Under such powers, the Canada Deposit Insurance Corporation may in certain circumstances take actions that could negatively impact holders of the
Securities and result in a loss on your investment. See “Risk Factors — Risks Related to the Bank’s Debt Securities” in the accompanying prospectus for more information.
|
♦ |
Uncertain tax treatment — Significant aspects of the tax treatment of the Securities are uncertain. You should consult your tax advisor about your tax situation. See “Material Canadian Income Tax
Consequences” and “What Are the Tax Consequences of the Securities?” herein.
|
Hypothetical Examples and Return Table of the Securities at Maturity
|
Term:
|
Approximately 5 years
|
Initial Level:
|
$200.00
|
Step Barrier:
|
$200.00 (100.00% of the Initial Level)
|
Downside Threshold:
|
$150.00 (75.00% of the Initial Level)
|
Step Return:
|
30.00%
|
Range of Underlying Return:
|
-100% to 80%
|
Underlying
|
Payment and Return at Maturity
|
Final Level
|
Underlying Return
|
Payment at Maturity
|
Security Total Return at
Maturity
|
$360.00
|
80.00%
|
$18.00
|
80.00%
|
$340.00
|
70.00%
|
$17.00
|
70.00%
|
$320.00
|
60.00%
|
$16.00
|
60.00%
|
$300.00
|
50.00%
|
$15.00
|
50.00%
|
$280.00
|
40.00%
|
$14.00
|
40.00%
|
$260.00
|
30.00%
|
$13.00
|
30.00%
|
$240.00
|
20.00%
|
$13.00
|
30.00%
|
$220.00
|
10.00%
|
$13.00
|
30.00%
|
$200.00
|
0.00%
|
$13.00
|
30.00%
|
$190.00
|
-5.00%
|
$10.00
|
0.00%
|
$180.00
|
-10.00%
|
$10.00
|
0.00%
|
$170.00
|
-15.00%
|
$10.00
|
0.00%
|
$160.00
|
-20.00%
|
$10.00
|
0.00%
|
$150.00
|
-25.00%
|
$10.00
|
0.00%
|
$140.00
|
-30.00%
|
$7.00
|
-30.00%
|
$120.00
|
-40.00%
|
$6.00
|
-40.00%
|
$100.00
|
-50.00%
|
$5.00
|
-50.00%
|
$80.00
|
-60.00%
|
$4.00
|
-60.00%
|
$60.00
|
-70.00%
|
$3.00
|
-70.00%
|
$40.00
|
-80.00%
|
$2.00
|
-80.00%
|
$20.00
|
-90.00%
|
$1.00
|
-90.00%
|
$0.00
|
-100.00%
|
$0.00
|
-100.00%
|
Information About the Underlying
|
Invesco S&P 500® Equal Weight ETF
|
What Are the Tax Consequences of the Securities?
|
Material Canadian Income Tax Consequences
|
Additional Information Regarding Estimated Value of the Securities
|
Supplemental Plan of Distribution (Conflicts of Interest); Secondary Markets (if any)
|
Validity of the Securities
|
1 Year Bank Nova Scotia Halifax Chart |
1 Month Bank Nova Scotia Halifax Chart |
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