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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 |
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)
|
|
4,693,640 Units
$10 principal amount per unit
CUSIP No. 06418K298
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Pricing Date
Settlement Date
Maturity Date
|
June 27, 2024
July 5, 2024
June 26, 2026
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Sustainability Bonds
Capped Leveraged Index Return Notes® Linked to the S&P 500® Index
◾ Maturity of approximately 2 years
◾ 2-to-1 leveraged upside exposure to increases in the Index, subject to a capped return of 17.28%
◾ 1-to-1 downside exposure to decreases in the Index beyond a 10.00% decline, with up to 90.00% of your principal at risk
◾ 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
|
$ 10.00
|
$46,936,400.00
|
Underwriting discount
|
$ 0.20
|
$938,728.00
|
Proceeds, before expenses, to BNS
|
$ 9.80
|
$45,997,672.00
|
Are Not FDIC Insured
|
Are Not Bank Guaranteed
|
May Lose Value
|
Sustainability Bonds
Capped Leveraged Index Return Notes®
Linked to the S&P 500® Index due June 26, 2026
|
Terms of the Notes
|
Issuer:
|
The Bank of Nova Scotia (“BNS”)
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||
Principal
Amount:
|
$10.00 per unit
|
||
Term:
|
Approximately 2 years
|
||
Market
Measure:
|
The S&P 500® Index (Bloomberg symbol: “SPX”), a price return index
|
||
Starting
Value:
|
5,482.87
|
||
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:
|
4,934.58 (90.00% of the Starting Value, rounded to two decimal places).
|
||
Participation
Rate:
|
200.00%
|
||
Capped
Value:
|
$11.728 per unit, which represents a return of 17.28% over the principal amount.
|
||
Maturity
Valuation
Period:
|
June 16, 2026, June 17, 2026, June 18, 2026, June 22, 2026 and June 23, 2026
|
||
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-17.
|
||
Calculation
Agent:
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BofA Securities, Inc. (“BofAS”).
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Redemption Amount Determination
|
On the maturity date, you will receive a cash payment per unit determined as follows:
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Sustainability Bonds
Capped Leveraged Index Return Notes®
Linked to the S&P 500® Index due June 26, 2026
|
◾ |
Product supplement EQUITY LIRN-1 dated July 28, 2023:
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◾ |
Prospectus supplement dated December 29, 2021:
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◾ |
Prospectus dated December 29, 2021:
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◾ |
You anticipate that the Index will increase moderately from the Starting Value to the Ending Value.
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◾ |
You are willing to risk a substantial loss of principal if the Index decreases from the Starting Value to an Ending Value that is below the Threshold Value.
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◾ |
You accept that the return on the notes will be capped.
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◾ |
You are willing to forgo interest payments that are paid on conventional interest-bearing debt securities.
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◾ |
You are willing to forgo dividends or other benefits of owning the stocks included in the Index.
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◾ |
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.
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◾
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You are willing to assume our credit risk, as issuer of the notes, for all payments under the notes, including the Redemption Amount.
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◾ |
You believe that the Index will decrease from the Starting Value to the Ending Value or that it will not increase sufficiently over the term of the notes to provide you with your desired return.
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◾ |
You seek 100% principal repayment or preservation of capital.
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◾ |
You seek an uncapped return on your investment.
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◾ |
You seek interest payments or other current income on your investment.
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◾ |
You want to receive dividends or other distributions paid on the stocks included in the Index.
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◾ |
You seek an investment for which there will be a liquid secondary market.
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◾ |
You are unwilling or are unable to take market risk on the notes or to take our credit risk as issuer of the notes.
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◾
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You seek an investment that is linked to an index that screens for companies that have a sustainability, environmental, social and/or governance focus or impact.
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We urge you to consult your investment, legal, tax, accounting, and other advisors concerning an investment in the notes.
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Sustainability Bonds
Capped Leveraged Index Return Notes®
Linked to the S&P 500® Index due June 26, 2026
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Ending Value
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Percentage Change from the Starting Value to the Ending
Value
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Redemption Amount per
Unit
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Total Rate of Return on the
Notes
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0.00
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-100.00%
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$1.000
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-90.00%
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25.00
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-75.00%
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$3.500
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-65.00%
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50.00
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-50.00%
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$6.000
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-40.00%
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60.00
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-40.00%
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$7.000
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-30.00%
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70.00
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-30.00%
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$8.000
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-20.00%
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80.00
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-20.00%
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$9.000
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-10.00%
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90.00(1)
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-10.00%
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$10.000
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0.00%
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95.00
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-5.00%
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$10.000
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0.00%
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100.00(2)
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0.00%
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$10.000
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0.00%
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102.00
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2.00%
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$10.400
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4.00%
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105.00
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5.00%
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$11.000
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10.00%
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107.00
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7.00%
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$11.400
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14.00%
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108.64
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8.64%
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$11.728(3)
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17.28%
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110.00
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10.00%
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$11.728
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17.28%
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120.00
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20.00%
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$11.728
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17.28%
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130.00
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30.00%
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$11.728
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17.28%
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140.00
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40.00%
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$11.728
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17.28%
|
150.00
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50.00%
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$11.728
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17.28%
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(1) |
This is the hypothetical Threshold Value.
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(2) |
The hypothetical Starting Value of 100.00 used in these examples has been chosen for illustrative purposes only. The actual Starting Value is 5,482.87, which was the closing
level of the Index on the pricing date.
|
(3) |
The Redemption Amount per unit cannot exceed the Capped Value.
|
Sustainability Bonds
Capped Leveraged Index Return Notes®
Linked to the S&P 500® Index due June 26, 2026
|
Example 1
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The Ending Value is 60.00, or 60.00% of the Starting Value:
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Starting Value:
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100.00 |
Threshold Value:
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90.00 |
Ending Value:
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60.00 |
= $7.00 Redemption Amount per unit
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Example 2
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The Ending Value is 90.00, or 90.00% of the Starting Value:
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Starting Value:
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100.00 |
Threshold Value:
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90.00 |
Ending Value:
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90.00 |
Redemption Amount per unit = $10.00, the principal amount, since the Ending Value is less than the Starting Value but equal to or greater than
the Threshold Value.
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Example 3
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The Ending Value is 102.00, or 102.00% of the Starting Value:
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Starting Value:
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100.00 |
Ending Value:
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102.00 |
= $10.40 Redemption Amount per unit
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Example 4
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The Ending Value is 130.00, or 130.00% of the Starting Value:
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Starting Value:
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100.00 |
Ending Value:
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130.00 |
= $16.00, however, because the Redemption Amount for the notes cannot exceed the Capped Value, the Redemption Amount will be $11.728 per unit
|
Sustainability Bonds
Capped Leveraged Index Return Notes®
Linked to the S&P 500® Index due June 26, 2026
|
◾ |
Depending on the performance of the Index as measured shortly before the maturity date, your investment may result in a loss; there is no guaranteed return of principal.
|
◾ |
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.
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◾ |
Your investment return 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 Index.
|
◾ |
The Index sponsor may adjust the Index in a way that may adversely affect its level and your interests, and the Index sponsor has no obligation to consider your interests.
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◾ |
You will have no rights of a holder of the securities included in the Index, and you will not be entitled to receive securities or dividends or other distributions by the issuers of those securities.
|
◾ |
While we, MLPF&S, BofAS or our respective affiliates may from time to time own securities of companies included in the Index, except to the extent that the common stock of Bank of America Corporation (the
parent company of MLPF&S and BofAS) is included in the Index, none of us, MLPF&S, BofAS or our respective affiliates control any company included in the Index, and have not verified any disclosure made by
any other company.
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◾ |
Our initial estimated value of the notes is lower than the public offering price of the notes. Our initial estimated value of the notes is only an estimate. The public offering price of the notes exceeds our
initial estimated value because it includes costs associated with selling and structuring the notes, as well as hedging our obligations under the notes with a third party, which may include BofAS or one of its
affiliates. These costs include the underwriting discount and an expected hedging related charge, as further described in “Structuring the Notes” on page TS-17.
|
◾ |
Our initial estimated value of the notes does not represent future values of the notes and may differ from others’ estimates. Our initial estimated value of the notes is determined by reference to our internal
pricing models when the terms of the notes are set. These pricing models consider certain factors, such as our internal funding rate on the pricing date, the expected term of the notes, market conditions and
other relevant factors existing at that time, and our assumptions about market parameters, which can include volatility, dividend rates, interest rates and other factors. Different pricing models and assumptions
could provide valuations for the notes that are different from our initial estimated value. In addition, market conditions and other relevant factors in the future may change, and any of our assumptions may prove
to be incorrect. On future dates, the market value of the notes could change significantly based on, among other things, the performance of the Index, changes in market conditions, our creditworthiness, interest
rate movements and other relevant factors. These factors, together with various credit, market and economic factors over the term of the notes, are expected to reduce the price at which you may be able to sell
the notes in any secondary market and will affect the value of the notes in complex and unpredictable ways. Our initial estimated value does not represent a minimum price at which we or any agents would be
willing to buy your notes in any secondary market (if any exists) at any time.
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◾ |
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 Index),
and any hedging and trading activities we, MLPF&S, BofAS or our or their
|
Sustainability Bonds
Capped Leveraged Index Return Notes®
Linked to the S&P 500® Index due June 26, 2026
|
◾ |
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.
|
Sustainability Bonds
Capped Leveraged Index Return Notes®
Linked to the S&P 500® Index due June 26, 2026
|
Sustainability Bonds
Capped Leveraged Index Return Notes®
Linked to the S&P 500® Index due June 26, 2026
|
The S&P 500® Index
|
Sustainability Bonds
Capped Leveraged Index Return Notes®
Linked to the S&P 500® Index due June 26, 2026
|
• |
holdings by other publicly traded corporations, venture capital firms, private equity firms, or strategic partners or leveraged buyout groups;
|
• |
holdings by government entities, including all levels of government within the United States or foreign countries, except for pension and retirement funds; and
|
• |
holdings by current or former officers and directors of the company, funders of the company, or family trusts of officers, directors or founders. Second, holdings of trusts, foundations, pension funds,
employee stock ownership plans or other investment vehicles associated with and controlled by the company.
|
Corporate Action
|
Share Count Revision Required?
|
Divisor Adjustment Required?
|
||
Stock split
|
Yes – share count is revised to reflect new count.
|
No – share count and price changes are off-setting
|
||
Change in shares outstanding (secondary issuance, share repurchase and/or share buy-back)
|
Yes – share count is revised to reflect new count
|
Yes – divisor adjustment reflects change in market capitalization
|
||
Spin-off if spun-off company is not being added to the Index
|
No
|
Yes – divisor adjustment reflects decline in index market value (i.e. value of the spun-off unit)
|
||
Spin-off if spun-off company is being added to the Index and no company is being removed
|
No
|
No
|
Sustainability Bonds
Capped Leveraged Index Return Notes®
Linked to the S&P 500® Index due June 26, 2026
|
Spin-off if spun-off company is being added to the Index and another company is being removed
|
No.
|
Yes – divisor adjustment reflects deletion
|
||
Special dividends
|
No.
|
Yes – calculation assumes that share price drops by the amount of the dividend; divisor adjustment reflects this change in index market value
|
||
Change in IWF
|
No
|
Yes – divisor change reflects the change in market value caused by the change to an IWF
|
||
Company added to or deleted from the Index
|
No.
|
Yes – divisor is adjusted by the net change in market value
|
||
Rights offering
|
No.
|
Yes – divisor adjustment reflects increase in market capitalization (calculation assumes that offering is fully subscribed at the set price)
|
Sustainability Bonds
Capped Leveraged Index Return Notes®
Linked to the S&P 500® Index due June 26, 2026
|
Sustainability Bonds
Capped Leveraged Index Return Notes®
Linked to the S&P 500® Index due June 26, 2026
|
Sustainability Bonds
Capped Leveraged Index Return Notes®
Linked to the S&P 500® Index due June 26, 2026
|
Sustainability Bonds
Capped Leveraged Index Return Notes®
Linked to the S&P 500® Index due June 26, 2026
|
• |
Low-carbon energy
|
• |
Energy efficiency
|
• |
Nuclear energy
|
• |
Green buildings
|
• |
Pollution prevention and control
|
• |
Environmentally sustainable management of living natural resources
|
• |
Clean transportation
|
• |
Terrestrial and aquatic biodiversity conservation
|
• |
Sustainable water and wastewater management
|
• |
Circular economy adapted products, production technologies, and processes
|
• |
Climate adaptation and resilience
|
• |
Access to essential services
|
• |
Affordable housing
|
• |
Affordable basic infrastructure
|
• |
Women-owned businesses
|
• |
Leadership in diversity and inclusion
|
• |
Creating economic resilience
|
• |
Food security and sustainable food systems
|
Sustainability Bonds
Capped Leveraged Index Return Notes®
Linked to the S&P 500® Index due June 26, 2026
|
Sustainability Bonds
Capped Leveraged Index Return Notes®
Linked to the S&P 500® Index due June 26, 2026
|
Sustainability Bonds
Capped Leveraged Index Return Notes®
Linked to the S&P 500® Index due June 26, 2026
|
Sustainability Bonds
Capped Leveraged Index Return Notes®
Linked to the S&P 500® Index due June 26, 2026
|
Sustainability Bonds
Capped Leveraged Index Return Notes®
Linked to the S&P 500® Index due June 26, 2026
|
Sustainability Bonds
Capped Leveraged Index Return Notes®
Linked to the S&P 500® Index due June 26, 2026
|
Capped Leveraged Index Return Notes®
|
TS-21
|
1 Year Bank Nova Scotia Halifax (PK) Chart |
1 Month Bank Nova Scotia Halifax (PK) Chart |
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