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Name | Symbol | Market | Type |
---|---|---|---|
Bank Nova Scotia Halifax (PK) | USOTC:BNSPF | OTCMarkets | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 18.71 | 18.59 | 37.74 | 0.00 | 01:00:00 |
Pricing Supplement, dated June 28, 2024
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-261476
(To Product Supplement No. WF-1 dated August 29, 2022,
Underlier Supplement dated December 29, 2021,
Prospectus Supplement dated December 29, 2021
and Prospectus dated December 29, 2021)
|
![]() |
The Bank of Nova Scotia
Senior Note Program, Series A
Equity Index Linked Securities
|
|
Market Linked Securities—Upside Participation to a Cap with Contingent Absolute Return and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500® Index due December 31, 2026
|
■ Linked to the
S&P 500® Index (the “Index”)
■ Unlike ordinary debt securities, the securities do not pay interest or repay a fixed amount of principal at maturity. Instead, the securities provide for a maturity payment amount that may be greater than, equal to or less than the
face amount of the securities, depending on the performance of the Index from its starting level to its ending level. The maturity payment amount will reflect the following terms:
■ If the level of the Index increases, you will receive the face amount plus a positive return equal to 100% of the percentage increase in the level of the Index from the starting level, subject to a maximum upside return at
maturity of 24.50% of the face amount. As a result of the maximum upside return, the maximum maturity payment amount is $1,245.00
■ If the level of the Index decreases but the decrease is not more than the buffer amount of 15%, you will receive the face amount plus a positive return equal to the absolute
value of the percentage decline in the level of the Index from the starting level to the ending level, which will effectively be capped at a positive return of 15%
■ If the level of the Index decreases by more than the buffer amount, you will receive less than the face amount and have 1-to-1 downside exposure to the decrease in the level of the Index in excess of the buffer amount
■ Investors may lose up to 85% of
the face amount
■ All payments on the securities
are subject to the credit risk of The Bank of Nova Scotia (the “Bank”)
■ No periodic interest payments
or dividends on securities included in the Index
■ No exchange listing; designed to be held to maturity
|
Original Offering Price
|
Agent Discount(1)
|
Proceeds to The Bank of Nova Scotia(2)
|
|
Per Security
|
$1,000.00
|
$25.75
|
$974.25
|
Total
|
$4,896,000.00
|
$126,072.00
|
$4,769,928.00
|
(1) |
Scotia Capital (USA) Inc. or one of our affiliates has agreed to purchase the aggregate face amount of the securities and as part of the distribution, has agreed to sell the securities to WFS at a discount of $25.75
(2.575%) per security. WFS will provide selected dealers, which may include Wells Fargo Advisors (“WFA”, the trade name of the retail brokerage business of Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC),
with a selling concession of $20.00 (2.00%) per security, and WFA will receive a distribution expense fee of $0.75 (0.075%) per security for securities sold by WFA. In respect of certain securities sold in this offering, we will pay a fee of
up to $2.00 per security to selected securities dealers in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers. See “Terms of the Securities—Agents” herein and
“Supplemental Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement for additional information.
|
(2) |
Excludes any profits from hedging. For additional considerations relating to hedging activities see “Selected Risk Considerations — Risks Relating To The Estimated Value Of The Securities And Any Secondary Market —
The Inclusion of Dealer Spread and Projected Profit from Hedging in the Original Offering Price is Likely to Adversely Affect Secondary Market Prices” in this pricing supplement.
|
Scotia Capital (USA) Inc.
|
Wells Fargo Securities
|
Market Linked Securities—Upside Participation to a Cap with Contingent Absolute Return and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500® Index due December 31, 2026
|
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Terms of the Securities
|
Issuer:
|
The Bank of Nova Scotia (the “Bank”).
|
||
Market Measure:
|
S&P 500® Index (the “Index”).
|
||
Pricing Date:
|
June 28, 2024.
|
||
Issue Date:
|
July 3, 2024.
We expect that delivery of the securities will be made against payment for the securities on the issue date, which is more than one business day following the pricing date.
Notwithstanding anything to the contrary in the accompanying product supplement, 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, unless
the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the securities on any date prior to one business day before delivery will be required to specify alternative settlement arrangements to prevent
a failed settlement.
|
||
Original Offering
Price:
|
$1,000 per security.
|
||
Face Amount:
|
$1,000 per security. References in this pricing supplement to a “security” are to a security with a face amount of $1,000.
|
||
Maturity Payment
Amount:
|
On the stated maturity date, you will be entitled to receive a cash payment per security in U.S. dollars equal to the maturity payment amount. The “maturity payment
amount” per security will equal:
• if the ending level is greater than the starting level: $1,000 plus the lesser of:
(i) $1,000 × index return × upside participation rate; and
(ii) the maximum upside return;
• if the ending level is less than or equal to the starting level, but greater than or equal to the threshold level:
$1,000 + ($1,000 × absolute value return); or
• if the ending level is less than the threshold level:
$1,000 + [$1,000 × (index return + buffer amount)]
|
||
If the ending level is less than the threshold level, you will have 1-to-1 downside exposure to the decrease in the level of the Index in excess of the
buffer amount and will lose some, and possibly up to 85%, of the face amount of your securities at maturity.
|
|||
Stated Maturity
Date:
|
December 31, 2026, subject to postponement. The securities are not subject to redemption by the Bank or repayment at the option of any holder of the securities prior to the
stated maturity date.
|
||
Starting Level:
|
5,460.48, the closing level of the Index on the pricing date.
|
||
Closing Level:
|
Closing level has the meaning set forth under “General Terms of the Securities—Certain Terms for Securities Linked to an Index—Certain Definitions” in the accompanying
product supplement.
|
||
Ending Level:
|
The “ending level” will be the closing level of the Index on the calculation day.
|
||
Maximum Upside
Return:
|
The “maximum upside return” is 24.50% of the face amount per security ($245.00 per security). As a result of the maximum upside return, the maximum maturity payment
amount if the Index increases is $1,245.00 per security.
|
||
Threshold Level:
|
4,641.408, which is equal to 85% of the starting level.
|
||
Buffer Amount:
|
15%.
|
||
Upside
Participation Rate:
|
100%.
|
Market Linked Securities—Upside Participation to a Cap with Contingent Absolute Return and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500® Index due December 31, 2026
|
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Index Return:
|
The “index return” is the percentage change from the starting level to the ending level, measured as follows:
ending level – starting level
starting level
|
||
Absolute Value
Return:
|
The “absolute value return” is the absolute value of the index return. For example, a -5% index return will result in a +5% absolute value return.
|
||
Calculation Day:
|
December 28, 2026, subject to postponement.
|
||
Market Disruption
Events and
Postponement
Provisions:
|
The calculation day is subject to postponement due to non-trading days and the occurrence of a market disruption event. In addition, the stated maturity date will be
postponed if the calculation day is postponed and will be adjusted for non-business days.
For more information regarding adjustments to the calculation day and the stated maturity date, see “General Terms of the Securities—Consequences of a Market Disruption
Event; Postponement of a Calculation Day—Securities Linked to a Single Market Measure” and “—Payment Dates” in the accompanying product supplement. In addition, for information regarding the circumstances that may result in a market
disruption event, see “General Terms of the Securities—Certain Terms for Securities Linked to an Index—Market Disruption Events” in the accompanying product supplement.
|
||
Calculation Agent:
|
Scotia Capital Inc., an affiliate of the Bank
|
||
Material Tax
Consequences:
|
For a discussion of Canadian income tax considerations to a holder of owning the securities, see “Canadian Income Tax Consequences” herein. For a discussion of United States
federal income tax considerations to a holder's ownership and disposition of the securities, see “U.S. Federal Income Tax Consequences” herein.
|
||
Tax Redemption:
|
The Bank (or its successor) may redeem the securities, in whole but not in part, at a redemption price determined by the calculation agent in a manner reasonably calculated
to preserve your and our relative economic position, if it is determined that changes in tax laws of Canada (or the jurisdiction of organization of the successor to the Bank) or of any political subdivision or taxing authority thereof or
therein affecting taxation or their interpretation will result in the Bank (or its successor) becoming obligated to pay additional amounts with respect to the securities. See “Tax Redemption” in the accompanying product supplement.
|
||
Agents:
|
Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC.
Scotia Capital (USA) Inc. or one of our affiliates has agreed to purchase the aggregate face amount of the securities and as part of the distribution, has agreed to sell the
securities to WFS at a discount of $25.75 (2.575%) per security. WFS will provide selected dealers, which may include WFA, with a selling concession of $20.00 (2.00%) per security, and WFA will receive a distribution expense fee of $0.75
(0.075%) per security for securities sold by WFA.
In addition, in respect of certain securities sold in this offering, we will pay a fee of up to $2.00 per security to selected securities dealers in consideration for
marketing and other services in connection with the distribution of the securities to other securities dealers.
See also “Supplemental Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement.
The price at which you purchase the securities includes costs that the Bank, the Agents or their respective affiliates expect to incur and profits that the Bank, the Agents or their respective
affiliates expect to realize in connection with hedging activities related to the securities, as set forth above. These costs and profits will likely reduce the secondary market price, if any secondary market develops, for the securities. As
a result, you may experience an immediate and substantial decline in the market value of your securities on the pricing date. See “Selected Risk Considerations — Risks Relating To The Estimated Value Of The Securities And Any Secondary Market
— The Inclusion of Dealer Spread and Projected Profit from Hedging in the Original Offering Price is Likely to Adversely Affect Secondary Market Prices” in this pricing supplement.
|
Market Linked Securities—Upside Participation to a Cap with Contingent Absolute Return and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500® Index due December 31, 2026
|
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Status:
|
The securities will constitute direct, senior, unsubordinated and unsecured obligations of the Bank ranking pari passu with all other direct,
senior, unsecured and unsubordinated indebtedness of the Bank from time to time outstanding (except as otherwise prescribed by law). Holders will not have the benefit of any insurance under the provisions of the CDIC Act, the U.S. Federal
Deposit Insurance Act or under any other deposit insurance regime.
|
||
Listing:
|
The securities will not be listed on any securities exchange or automated quotation system
|
||
Use of Proceeds:
|
General corporate purposes
|
||
Clearance and
Settlement:
|
The Depository Trust Company
|
||
Canadian Bail-in:
|
The securities are not bail-inable debt securities under the CDIC Act
|
||
Denominations:
|
$1,000 and any integral multiple of $1,000.
|
||
CUSIP / ISIN:
|
06417YY78 / US06417YY786
|
Market Linked Securities—Upside Participation to a Cap with Contingent Absolute Return and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500® Index due December 31, 2026
|
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Additional Information about the Issuer and the Securities
|
• |
Product Supplement No. WF-1 dated August 29, 2022:
|
• |
Underlier Supplement dated December 29, 2021:
|
• |
Prospectus Supplement dated December 29, 2021:
|
• |
Prospectus dated December 29, 2021:
|
Market Linked Securities—Upside Participation to a Cap with Contingent Absolute Return and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500® Index due December 31, 2026
|
![]() |
Estimated Value of the Securities
|
Market Linked Securities—Upside Participation to a Cap with Contingent Absolute Return and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500® Index due December 31, 2026
|
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Investor Considerations
|
■ |
are willing to accept that any potential return on the securities if the ending level is greater than the starting level is limited to the maximum upside return at maturity of 24.50% of the face amount;
|
■ |
understand that the absolute value return feature applies only if the Index decreases from the starting level but not by more than 15.00%, that any positive return in the event that the ending level is less than the starting level is
limited to 15.00% and that any decline in the ending level from the starting level by more than 15.00% will result in a loss, rather than a positive return, on the securities;
|
■ |
are willing to accept the risk that, if the ending level is less than the starting level by more than the buffer amount, they will lose some, and possibly up to 85%, of the face amount per security at maturity;
|
■ |
are willing to forgo interest payments on the securities and dividends on the securities included in the Index; and
|
■ |
are willing to hold the securities until maturity.
|
■ |
seek uncapped exposure to the upside performance of the Index;
|
■ |
are unwilling or unable to accept that the absolute value return feature applies only if the Index decreases from the starting level but not by more than 15.00%, that any positive return in the event that the ending level is less than the
starting level is limited to 15.00% or that any decline in the ending level from the starting level by more than 15.00% will result in a loss, rather than a positive return, on the securities;
|
■ |
are unwilling to accept the risk that the ending level of the Index may decrease from the starting level by more than the buffer amount;
|
■ |
seek full return of the face amount of the securities at stated maturity;
|
■ |
are unwilling to purchase securities with an estimated value as of the pricing date that is lower than the original offering price;
|
■ |
seek current income;
|
■ |
are unwilling to accept the risk of exposure to the Index;
|
■ |
seek exposure to the Index but are unwilling to accept the risk/return trade-offs inherent in the maturity payment amount for the securities;
|
■ |
seek a liquid investment or are unable or unwilling to hold the securities to maturity;
|
■ |
are unwilling to accept the credit risk of the Bank; or
|
■ |
prefer the lower risk of conventional fixed income investments with comparable maturities issued by companies with comparable credit ratings.
|
Market Linked Securities—Upside Participation to a Cap with Contingent Absolute Return and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500® Index due December 31, 2026
|
![]() |
Determining Payment at Stated Maturity
|
Market Linked Securities—Upside Participation to a Cap with Contingent Absolute Return and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500® Index due December 31, 2026
|
![]() |
Selected Risk Considerations
|
Market Linked Securities—Upside Participation to a Cap with Contingent Absolute Return and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500® Index due December 31, 2026
|
![]() |
Market Linked Securities—Upside Participation to a Cap with Contingent Absolute Return and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500® Index due December 31, 2026
|
![]() |
• |
Investing In The Securities Is Not The Same As Investing In The Index. Investing in the securities is not equivalent to investing in the Index. As an investor in
the securities, your return will not reflect the return you would realize if you actually owned and held the securities included in the Index for a period similar to the term of the securities because you will not receive any dividend
payments, distributions or any other payments paid on those securities. As a holder of the securities, you will not have any voting rights or any other rights that holders of the securities included in the Index would have.
|
• |
Historical Values Of A Market Measure Should Not Be Taken As An Indication Of The Future Performance Of Such Market Measure During The Term Of The Securities.
|
• |
Changes That Affect An Index May Adversely Affect The Value Of The Securities And Any Payments On The Securities.
|
• |
We Cannot Control Actions By Any Of The Unaffiliated Companies Whose Securities Are Included In The Index (Except To The Extent Wells Fargo & Company (The Parent Company Of Wells Fargo
Securities) Is Included In The Index).
|
• |
We And Our Affiliates And The Agents And Their Affiliates Have No Affiliation With Any Index Sponsor And Have Not Independently Verified Their Public Disclosure Of Information.
|
Market Linked Securities—Upside Participation to a Cap with Contingent Absolute Return and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500® Index due December 31, 2026
|
![]() |
• |
Hedging Activities By The Bank And/Or The Agents 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.
|
• |
Market Activities By The Bank Or The Agents For Their Own Respective Accounts Or For Their Respective Clients Could Negatively Impact Investors In The Securities.
|
• |
The Bank, The Agents And Their Respective Affiliates Regularly Provide Services To, Or Otherwise Have Business Relationships With, A Broad Client Base, Which Has Included And May Include Issuers Of An Underlying
Stock, The Sponsor Or Investment Advisor For A Fund And/Or The Issuers Of Securities Included In An Index Or Held By A Fund.
|
• |
Other Investors In The Securities May Not Have The Same Interests As You.
|
• |
There Are Potential Conflicts Of Interest Between You And The Calculation Agent.
|
Market Linked Securities—Upside Participation to a Cap with Contingent Absolute Return and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500® Index due December 31, 2026
|
![]() |
Hypothetical Examples and Returns
|
Upside Participation Rate:
|
100.00%
|
||
Maximum Upside Return:
|
24.50% or $245.00 per security
|
||
Hypothetical Starting Level:
|
100.00
|
||
Hypothetical Threshold Level:
|
85.00 (85% of the hypothetical starting level)
|
||
Buffer Amount:
|
15%
|
Market Linked Securities—Upside Participation to a Cap with Contingent Absolute Return and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500® Index due December 31, 2026
|
![]() |
Hypothetical
ending level
|
Hypothetical
index return(1)
|
Absolute value
return(2)
|
Maturity payment
amount
per security
|
Pre-tax total
rate of return(3)
|
200.00
|
100.00%
|
N/A
|
$1,245.00
|
24.50%
|
175.00
|
75.00%
|
N/A
|
$1,245.00
|
24.50%
|
150.00
|
50.00%
|
N/A
|
$1,245.00
|
24.50%
|
140.00
|
40.00%
|
N/A
|
$1,245.00
|
24.50%
|
130.00
|
30.00%
|
N/A
|
$1,245.00
|
24.50%
|
124.50
|
24.50%
|
N/A
|
$1,245.00
|
24.50%
|
120.00
|
20.00%
|
N/A
|
$1,200.00
|
20.00%
|
115.00
|
15.00%
|
N/A
|
$1,150.00
|
15.00%
|
110.00
|
10.00%
|
N/A
|
$1,100.00
|
10.00%
|
105.00
|
5.00%
|
N/A
|
$1,050.00
|
5.00%
|
102.50
|
2.50%
|
N/A
|
$1,025.00
|
2.50%
|
100.00
|
0.00%
|
0.00%
|
$1,000.00
|
0.00%
|
97.50
|
-2.50%
|
2.50%
|
$1,025.00
|
2.50%
|
95.00
|
-5.00%
|
5.00%
|
$1,050.00
|
5.00%
|
90.00
|
-10.00%
|
10.00%
|
$1,100.00
|
10.00%
|
85.00
|
-15.00%
|
15.00%
|
$1,150.00
|
15.00%
|
84.00
|
-16.00%
|
N/A
|
$990.00
|
-1.00%
|
80.00
|
-20.00%
|
N/A
|
$950.00
|
-5.00%
|
70.00
|
-30.00%
|
N/A
|
$850.00
|
-15.00%
|
60.00
|
-40.00%
|
N/A
|
$750.00
|
-25.00%
|
50.00
|
-50.00%
|
N/A
|
$650.00
|
-35.00%
|
25.00
|
-75.00%
|
N/A
|
$400.00
|
-60.00%
|
0.00
|
-100.00%
|
N/A
|
$150.00
|
-85.00%
|
(1) |
The index return is equal to the percentage change from the starting level to the ending level (i.e., the ending level minus starting level, divided by
starting level).
|
(2) |
The absolute value return is the absolute value of the index return. For example, a -5% index return will result in a +5% absolute value return.
|
(3) |
The hypothetical pre-tax total rate of return is the number, expressed as a percentage, that results from comparing the maturity payment amount per security to the face amount of $1,000.
|
Market Linked Securities—Upside Participation to a Cap with Contingent Absolute Return and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500® Index due December 31, 2026
|
![]() |
S&P 500® Index
|
||
Hypothetical starting level:
|
100.00
|
|
Hypothetical ending level:
|
110.00
|
|
Hypothetical threshold level:
|
85.00
|
|
Hypothetical index return
(ending level – starting level)/starting level:
|
10.00%
|
S&P 500® Index
|
||
Hypothetical starting level:
|
100.00
|
|
Hypothetical ending level:
|
150.00
|
|
Hypothetical threshold level:
|
85.00
|
|
Hypothetical index return
(ending level – starting level)/starting level:
|
50.00%
|
Market Linked Securities—Upside Participation to a Cap with Contingent Absolute Return and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500® Index due December 31, 2026
|
![]() |
S&P 500® Index
|
||
Hypothetical starting level:
|
100.00
|
|
Hypothetical ending level:
|
95.00
|
|
Hypothetical threshold level:
|
85.00
|
|
Hypothetical index return
(ending level – starting level)/starting level:
|
-5.00%
|
S&P 500® Index
|
||
Hypothetical starting level:
|
100.00
|
|
Hypothetical ending level:
|
50.00
|
|
Hypothetical threshold level:
|
85.00
|
|
Hypothetical index return
(ending level – starting level)/starting level:
|
-50.00%
|
Market Linked Securities—Upside Participation to a Cap with Contingent Absolute Return and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500® Index due December 31, 2026
|
![]() |
The Index
|
Market Linked Securities—Upside Participation to a Cap with Contingent Absolute Return and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500® Index due December 31, 2026
|
![]() |
Canadian Income Tax Consequences
|
U.S. Federal Income Tax Consequences
|
Market Linked Securities—Upside Participation to a Cap with Contingent Absolute Return and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500® Index due December 31, 2026
|
![]() |
Market Linked Securities—Upside Participation to a Cap with Contingent Absolute Return and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500® Index due December 31, 2026
|
![]() |
Validity of the Securities
|
1 Year Bank Nova Scotia Halifax (PK) Chart |
1 Month Bank Nova Scotia Halifax (PK) Chart |
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