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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 | |
---|---|---|---|---|---|---|---|---|
-0.89 | -1.91% | 45.78 | 46.78 | 45.71 | 46.70 | 1,092,749 | 19:57:43 |
Subject to Completion
Preliminary Term Sheet
Dated July 31, 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 EQUITY LIRN-1 dated July
28, 2023
|
Units
$10 principal amount per unit
CUSIP No.
![]() |
Pricing Date*
Settlement Date*
Maturity Date*
|
August , 2024
September , 2024
August , 2026
|
|||
*Subject to change based on the actual date the notes are priced for initial sale to the public (the “pricing date”)
|
|||||
Capped Notes with Absolute Return Buffer Linked to an International Equity Index Basket
◾
Maturity of approximately two years
◾
125.00% leveraged upside exposure to increases in the Basket, subject to a capped return of 35.00%
◾
A positive return equal to the absolute value of the percentage decline in the level of the Basket only if the Basket does not decline by more than [7.00% to 13.00%]
(e.g., if the negative return of the Basket is -5%, you will receive a positive return of +5%)
◾
1-to-1 downside exposure to decreases in the Basket beyond a [7.00% to 13.00%] decline, with up to [93.00% to 87.00%] of your principal at risk
◾
The Basket will be comprised of the EURO STOXX 50® Index, the FTSE® 100 Index, the Nikkei Stock Average Index, the Swiss Market Index®,
the S&P/ASX 200 Index and the FTSE® China 50 Index. The EURO STOXX 50® Index will be given an initial weight of 40.00%, each of the FTSE® 100 Index and the Nikkei Stock Average Index will be
given an initial weight of 20.00%, each of the Swiss Market Index® and the S&P/ASX 200 Index will be given an initial weight of 7.50% and the FTSE® China 50 Index will be given an initial weight of 5.00%
◾
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 $0.075 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)
|
$10.00
|
$
|
Underwriting discount(1)
|
$0.20
|
$
|
Proceeds, before expenses, to BNS
|
$9.80
|
$
|
(1) |
For any purchase of 300,000 units or more in a single transaction by an individual investor or in combined transactions with the investor’s household in this offering, the public offering price and the
underwriting discount will be $9.95 per unit and $0.15 per unit, respectively. See “Supplement to the Plan of Distribution” below.
|
Are Not FDIC Insured
|
Are Not Bank Guaranteed
|
May Lose Value
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
Issuer:
|
The Bank of Nova Scotia (“BNS”)
|
|
Principal Amount:
|
$10.00 per unit
|
|
Term:
|
Approximately 2 years
|
|
Market Measure:
|
An international equity index basket comprised of the EURO STOXX 50® Index (Bloomberg symbol: “SX5E”), the FTSE® 100 Index (Bloomberg symbol: “UKX”),
the Nikkei Stock Average Index (Bloomberg symbol: “NKY”), the Swiss Market Index® (Bloomberg symbol: “SMI”), the S&P/ASX 200 Index (Bloomberg symbol: “AS51”) and the FTSE® China 50 Index (Bloomberg
symbol: “XIN0I”).
Each Basket Component is a price return index.
|
|
Starting Value:
|
The Starting Value will be set to 100.00 on the pricing date
|
|
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-27 of product supplement EQUITY LIRN-1.
|
|
Threshold Value:
|
[93.00% to 87.00%] of the Starting Value. The actual Threshold Value will be determined on the pricing date.
|
|
Participation Rate:
|
125.00%
|
|
Capped Value:
|
$13.50 per unit, which represents a return of 35.00% over the principal amount.
|
|
Maturity Valuation
Period:
|
Five scheduled calculation days shortly before the maturity date.
|
|
Fees and Charges:
|
The underwriting discount of $0.20 per unit listed on the cover page and the hedging related charge of $0.075 per unit described in “Structuring the Notes” on page TS-30.
|
|
Calculation Agent:
|
BofA Securities, Inc. (“BofAS”).
|
Notwithstanding anything to the contrary in the accompanying product supplement, the Redemption Amount will be determined as set forth in this term
sheet. On the maturity date, you will receive a cash payment per unit determined as follows:
|
![]() |
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
◾ |
Product supplement EQUITY LIRN-1 dated July 28, 2023:
|
◾ |
Prospectus supplement dated December 29, 2021:
|
◾ |
Prospectus dated December 29, 2021:
|
◾ |
You anticipate that the Basket will either increase moderately from the Starting Value to the Ending Value or decrease from the Starting Value to an Ending Value that is equal to or greater than the Threshold Value.
|
◾ |
You are willing to risk a substantial loss of principal if the Basket decreases from the Starting Value to an Ending Value that is below the Threshold 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 Basket Components.
|
◾ |
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 Basket will decrease from the Starting Value to an Ending Value that is below the Threshold Value or that it will not increase sufficiently over the term of the notes to provide you with your
desired return.
|
◾ |
You seek 100% 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 Basket Components.
|
◾ |
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.
|
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
|
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%
|
$1.00
|
-90.00%
|
25.00
|
-75.00%
|
$3.50
|
-65.00%
|
50.00
|
-50.00%
|
$6.00
|
-40.00%
|
60.00
|
-40.00%
|
$7.00
|
-30.00%
|
70.00
|
-30.00%
|
$8.00
|
-20.00%
|
80.00
|
-20.00%
|
$9.00
|
-10.00%
|
85.00
|
-15.00%
|
$9.50
|
-5.00%
|
90.00(1)
|
-10.00%
|
$11.00
|
10.00%
|
95.00
|
-5.00%
|
$10.50
|
5.00%
|
100.00(2)
|
0.00%
|
$10.00
|
0.00%
|
110.00
|
10.00%
|
$11.25
|
12.50%
|
120.00
|
20.00%
|
$12.50
|
25.00%
|
128.00
|
28.00%
|
$13.50(3)
|
35.00%
|
130.00
|
30.00%
|
$13.50
|
35.00%
|
140.00
|
40.00%
|
$13.50
|
35.00%
|
150.00
|
50.00%
|
$13.50
|
35.00%
|
(1) |
This is the hypothetical Threshold Value.
|
(2) |
The Starting Value will be set to 100.00 on the pricing date.
|
(3) |
Any positive return based on the appreciation of the Basket cannot exceed the return represented by the Capped Value.
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
Example 1
|
|
The Ending Value is 60.00, or 60.00% of the Starting Value:
|
|
Starting Value:
|
100.00
|
Threshold Value:
|
90.00
|
Ending Value:
|
60.00
|
![]() |
= $7.00 Redemption Amount per unit
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Example 2
|
|
The Ending Value is 95.00, or 95.00% of the Starting Value:
|
|
Starting Value:
|
100.00
|
Threshold Value:
|
90.00
|
Ending Value:
|
95.00
|
![]() |
= $10.50 Redemption Amount per unit. Since the Ending Value is less than the Starting Value but equal to or greater than the Threshold
Value, the Redemption Amount for the notes will be the principal amount plus a positive return equal to the absolute value of the negative return of the Basket.
|
Example 3
|
|
The Ending Value is 110.00, or 110.00% of the Starting Value:
|
|
Starting Value:
|
100.00
|
Ending Value:
|
110.00
|
![]() |
= $11.25 Redemption Amount per unit
|
Example 4
|
|
The Ending Value is 130.00, or 130.00% of the Starting Value:
|
|
Starting Value:
|
100.00
|
Ending Value:
|
130.00
|
![]() |
= $13.75, however, because the Redemption Amount for the notes cannot exceed the Capped Value, the Redemption Amount will be $13.50 per unit
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
◾ |
Depending on the performance of the Basket as measured shortly before the maturity date, your investment may 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 potential for a positive return based on the depreciation of the Basket is limited by the Threshold Value and may be less than that of a comparable investment that takes a short position directly in the Basket
Components (or the stocks included in the Basket Components). In addition, the absolute value return feature applies only if the Ending Value is less than the Starting Value but greater than or equal to the Threshold Value.
Because the Threshold Value is [93.00% to 87.00%] of the Starting Value, any positive return due to the depreciation of the Basket is limited to [7.00% to 13.00%] (the actual Threshold Value, and by extension, the cap on the
positive return due to the depreciation of the Basket, will be determined on the pricing date). Any decline in the Ending Value from the Starting Value by more than [7.00% to 13.00%] will result in a loss, rather than a
positive return, on the notes. In contrast, for example, a short position in the Basket Components (or the stocks included in the Basket Components) would allow you to receive the full benefit of any decrease in the level of
the Basket Components (or the stocks included in the Basket Components).
|
◾ |
Your investment return based on any increase in the level of the Basket is limited to the return represented by the Capped Value and may be less than a comparable investment directly in the stocks included in the Basket
Components.
|
◾ |
Changes in the level of one of the Basket Components may be offset by changes in the levels of the other Basket Components. Due to the different Initial Component Weights (as defined in “The Basket” section below), changes
in the levels of some Basket Components will have a more substantial impact on the value of the Basket than similar changes in the levels of the other Basket Components.
|
◾ |
An Index sponsor (as defined below) may adjust the relevant Basket Component in a way that may adversely affect its level and your interests, and has no obligation to consider your interests.
|
◾ |
You will have no rights of a holder of the securities included in the Basket Components or of a holder with a short position directly in the Basket Components (or the securities included in the Basket Components) and you
will not be entitled to receive securities or dividends or other distributions by the issuers of the securities included in the Basket Components.
|
◾ |
While we, MLPF&S, BofAS or our respective affiliates may from time to time own securities of companies included in the Basket Components, we, MLPF&S, BofAS and our respective affiliates do not control any company
included in the Basket Components, and have not verified any disclosure made by any other company.
|
◾ |
Your return on the notes may be affected by factors affecting the international securities markets, specifically changes in the countries represented by the Basket Components. In addition, you will not obtain the benefit of
any increase in the value of the currencies in which the securities in the Basket Components trade against the U.S. dollar which you would have received if you had owned the securities in the Basket Components during the term
of your notes, although the value of the Basket may be adversely affected by general exchange rate movements in the market.
|
◾ |
Our initial estimated value of the notes will be 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 will exceed 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-30.
|
◾ |
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 Basket, 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
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
◾ |
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.
|
◾ |
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 Basket Components),
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-40 of product supplement EQUITY LIRN-1.
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
(A) |
each of the Eurex (as to the EURO STOXX 50® Index), the London Stock Exchange (as to the FTSE® 100 Index), the Tokyo Stock Exchange (as to the Nikkei Stock Average Index), the SIX Swiss Exchange (as
to the Swiss Market Index®), the Australian Stock Exchange (as to the S&P/ASX 200 Index) and the Stock Exchange of Hong Kong (as to the FTSE® China 50 Index) (or any successor to the foregoing
exchanges) are open for trading; and
|
(B) |
the Basket Components or any successors thereto are calculated and published.
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
Basket Component
|
Bloomberg
Symbol
|
Initial
Component
Weight
|
Closing Level(1)(2)
|
Hypothetical
Component
Ratio(1)(3)
|
Initial Basket
Value
Contribution
|
EURO STOXX 50® Index
|
SX5E
|
40.00%
|
4,811.28
|
0.00831380
|
40.00
|
FTSE® 100 Index
|
UKX
|
20.00%
|
8,186.35
|
0.00244309
|
20.00
|
Nikkei Stock Average Index
|
NKY
|
20.00%
|
37,869.51
|
0.00052813
|
20.00
|
Swiss Market Index®
|
SMI
|
7.50%
|
12,105.54
|
0.00061955
|
7.50
|
S&P/ASX 200 Index
|
AS51
|
7.50%
|
7,861.209
|
0.00095405
|
7.50
|
FTSE® China 50 Index
|
XIN0I
|
5.00%
|
11,381.17
|
0.00043932
|
5.00
|
Starting Value
|
100.00
|
(1) |
The actual closing level of each Basket Component and the resulting actual Component Ratios will be determined on the pricing date, subject to adjustment as more fully described in the section entitled “Description of
LIRNs—Basket Market Measures—Determination of the Component Ratio for Each Basket Component” beginning on page PS-35 of product supplement EQUITY LIRN-1 if a Market Disruption Event occurs on the pricing date as to any Basket
Component.
|
(2) |
These were the closing levels of the Basket Components on July 25, 2024.
|
(3) |
Each hypothetical Component Ratio equals the Initial Component Weight of the relevant Basket Component (as a percentage) multiplied by 100.00, and then divided by the closing level of that Basket Component on July 25, 2024
and rounded to eight decimal places.
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
• |
sponsor, endorse, sell or promote the notes;
|
• |
recommend that any person invest in the notes or any other financial products;
|
• |
have any responsibility or liability for or make any decisions about the timing, amount or pricing of the notes;
|
• |
have any responsibility or liability for the administration, management or marketing of the notes; and
|
• |
consider the needs of the notes or the owners of the notes in determining, composing or calculating the SX5E or have any obligation to do so.
|
• |
The Sponsor, Deutsche Börse Group and their licensors, research partners or data providers do not make any warranty, express or implied and disclaim any and all warranty about:
|
• |
the results to be obtained by the notes, the owner of the notes or any other person in connection with the use of the SX5E and the data included in the SX5E;
|
• |
the accuracy, timeliness, and completeness of the SX5E or its data;
|
• |
the merchantability and the fitness for a particular purpose or use of the SX5E or its data; and
|
• |
the performance of the notes generally.
|
• |
STOXX, Deutsche Börse Group and their licensors, research partners or data providers give no warranty and exclude any liability, for any errors, omissions or interruptions in the SX5E or its data; and
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
• |
under no circumstances will Deutsche Börse Group and their licensors, research partners or data providers be liable (whether in negligence or otherwise) for any lost profits or indirect, punitive, special or consequential
damages or losses, arising as a result of such errors, omissions or interruptions in the SX5E or its data or generally in relation to the notes, even in circumstances where the Sponsor Deutsche Börse Group and their licensors,
research partners or data providers are aware that such loss or damage may occur.
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
◾ |
Technology — Pharmaceuticals, Electrical Machinery, Automobiles, Precision Machinery, Telecommunications;
|
◾ |
Financials — Banks, Miscellaneous Finance, Securities, Insurance;
|
◾ |
Consumer Goods — Marine Products, Food, Retail, Services;
|
◾ |
Materials — Mining, Textiles, Paper and Pulp, Chemicals, Oil, Rubber, Ceramics, Steel, Nonferrous Metals, Trading Houses;
|
◾ |
Capital Goods/Others — Construction, Machinery, Shipbuilding, Transportation Equipment, Miscellaneous Manufacturing, Real Estate; and
|
◾ |
Transportation and Utilities — Railroads and Buses, Trucking, Shipping, Airlines, Warehousing, Electric Power, Gas.
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
◾ |
was first launched with a base level of 1,500 as of June 30, 1988; and
|
◾ |
is sponsored, calculated, published and disseminated by the SIX Exchange.
|
◾ |
average free-float market capitalization (compared to the capitalization of the entire Swiss Stock Exchange index family), and
|
◾ |
cumulative on order book turnover (compared to the total turnover of the Swiss Stock Exchange index family).
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
Index =
|
Free Float Market Capitalization of the index
Divisor
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
• |
Sponsor, endorse, sell or promote the notes.
|
• |
Recommend that any person invest in the notes or any other securities.
|
• |
Have any responsibility or liability for or make any decisions about the timing, amount or pricing of the notes.
|
• |
Have any responsibility or liability for the administration, management or marketing of the notes.
|
• |
Consider the needs of the notes or the owners of the notes in determining, composing or calculating the SMI or have any obligation to do so.
|
• |
SIX Swiss Exchange and its Licensors do not give any warranty, express or implied, and exclude any liability for:
|
o |
The results to be obtained by the notes; the owner of the notes or any other person in connection with the use of the SMI and the data included in the SMI.
|
o |
The accuracy, timeliness, and completeness of the SMI and its data.
|
o |
The merchantability and the fitness for a particular purpose or use of the SMI and its data.
|
o |
The performance of the notes generally.
|
• |
SIX Swiss Exchange and its Licensors give no warranty, and exclude any liability, for any errors, omissions or interruptions in the SMI or its data.
|
• |
Under no circumstances will SIX Swiss Exchange or its Licensors be liable (whether in negligence or otherwise) for any lost profits or indirect, punitive, special or consequential damages or losses arising as a
result of such errors, omissions or interruptions in the SMI or its data or generally in relation to the notes, even in circumstances where SIX Swiss Exchange or its Licensors are aware that such loss or damage may
occur.
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
◾ |
was first launched in 1979 by the Australian Securities Exchange and was acquired and re-launched by its current Index sponsor on April 3, 2000; and
|
◾ |
is sponsored, calculated, published and disseminated by S&P.
|
1. |
Government and government agencies;
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2. |
Controlling and strategic shareholders/partners;
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3. |
Any other entities or individuals which hold more than 5%, excluding insurance companies, securities companies and investment funds; and
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4. |
Other restricted portions such as treasury stocks.
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
◾ |
changes in a company’s float-adjusted shares of 5% or more due to market-wide shares issuance;
|
◾ |
rights issues, bonus issues and other major corporate actions; and
|
◾ |
share issues resulting from index companies merging and major off-market buy-backs.
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
• |
Price. There must be an accurate and reliable price for the purposes of determining the market value of a company.
|
• |
Liquidity. Each security is tested for liquidity on a semi-annual basis in March and September by calculation of its monthly median of daily trading volume as part of the
FTSE® All-World Index review. When calculating the median of daily trading volume of any security for a particular month, a minimum of 5 trading days in that month must exist, otherwise the month will be
excluded from the test.
|
(i) |
A non-constituent which does not turnover at least 0.05% of their shares in issue (after the application of any free float weightings) based on their median daily trading volume per month in ten of the twelve
months prior to a full market review, will not be eligible for inclusion in the XIN0I.
|
(ii) |
An existing constituent which does not turnover at least 0.04% of its shares in issue (after the application of any free float weightings) based on its median daily trading volume per month for a least eight of
the twelve months prior to a full market review will be removed from the XIN0I.
|
(iii) |
New issues which do not have a twelve month trading record must have a minimum three month trading record when reviewed. They must turnover at least 0.05% of their free float adjusted shares based on their
median daily trading volume each month, on a pro-rata basis since listing. When testing liquidity, the free float weight as at the last date in the testing period will be used for the calculation for the whole of
that period. This rule will not apply to new issues added under fast entry inclusion as part of the FTSE® All-World Index review.
|
• |
New Issues. New issues, which do not qualify as early entrants, will become eligible for inclusion at the March and September reviews of the FTSE All-World Index providing they have, since the commencement of
official non-conditional trading, a minimum of at least three trading months prior to the date of that review and turnover of at least 0.05% of their free float adjusted shares based in issue based on their median
daily trading volume each month, on a pro rata basis since their listing.
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
• |
By identifying information which necessitates a change in free float weighting;
|
• |
Following a corporate event; or
|
• |
Expiry of a lock-in clause.
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
• |
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.
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
Capped Notes with Absolute Return Buffer
Linked to an International Equity Index Basket due August, 2026
|
1 Year Bank Nova Scotia Halifax Chart |
1 Month Bank Nova Scotia Halifax Chart |
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