Every 424B that Bank of Nova Scotia (BNS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow BNS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BNS filings page.
The Bank of Nova Scotia is offering unsecured autocallable contingent coupon notes due January 26, 2029 linked to Bank of America common stock. The notes pay a contingent coupon of at least $21.25 per $1,000 (at least 8.50% per annum) only if Bank of America’s closing value on each observation date is at or above a barrier set at 70% of the initial value. If the reference stock is at or above the initial value on any call observation date, the notes are automatically called and repaid at $1,000 plus the coupon.
If the notes are not called and Bank of America’s final value is at or above the 70% barrier, investors receive only the $1,000 principal per note (plus any due coupon). If the final value is below the barrier, repayment is reduced in line with the stock’s loss and up to 100% of principal can be lost. The initial estimated value is expected between $934.45 and $964.45 per $1,000, below the issue price, and the notes are subject to Bank of Nova Scotia’s credit risk and limited liquidity.
The Bank of Nova Scotia is issuing $3,497,000 of Autocallable Fixed Coupon Trigger Notes linked to the common stock of Oracle Corporation, maturing February 19, 2027. The notes pay fixed coupons of $9.917 per $1,000 of principal (0.9917% monthly, up to about 11.90% per year) as long as they remain outstanding.
The notes can be automatically called starting July 2026 if Oracle’s closing price on a call observation date is at or above the initial price of $191.09. In that case, investors receive $1,000 per note plus the applicable coupon, and the product terminates early.
If the notes are not called, principal repayment at maturity depends on Oracle’s final price. Investors receive $1,000 in cash per note if the final price is at least 56% of the initial price. If it is below that level, investors receive a share delivery amount of Oracle stock instead of principal, with a value (on the final valuation date) of less than 56% of principal, meaning a loss of all or a substantial portion of the investment.
The notes are unsecured, unsubordinated obligations of The Bank of Nova Scotia, not insured by any deposit insurance scheme, and their value is also affected by the bank’s credit. The initial estimated value is $964.06 per $1,000, below the issue price, reflecting commissions of 2.15% and structuring and hedging costs.
The Bank of Nova Scotia is offering three series of Trigger Autocallable Contingent Yield Notes linked separately to GE Vernova, Alphabet Class A and Truist common stock, each maturing on January 19, 2029. The notes pay a contingent coupon only if the underlying stock closes on a quarterly observation date at or above a preset coupon barrier; otherwise no coupon is paid.
The notes are automatically called if, after six months, the underlying closes on any observation date at or above its initial level, in which case investors receive principal plus that period’s coupon and the notes terminate. If not called and the final stock level is at or above the downside threshold (52.00% of the initial level for GE Vernova, 54.25% for Alphabet and 59.50% for Truist), investors receive full principal; if it is below, repayment is reduced one-for-one with the stock’s decline, with potential total loss of principal.
Indicative annual coupon rates are 13.30% for GE Vernova and 9.00% for both Alphabet and Truist. The initial estimated values per $10 note (from $9.62 to $9.73) are below the $10 issue price, and the notes will not be listed, so liquidity may be limited. All payments depend on the creditworthiness of BNS.
The Bank of Nova Scotia is offering Trigger Autocallable GEARS, a structured note linked to an unequally weighted basket of five equity indices in the Eurozone, Japan, the United Kingdom, Switzerland and Australia. The total offering is $26,647,640, issued at $10 per Security, with a minimum investment of 100 Securities.
The Securities have a term of approximately 5 years, but may be automatically called after about one year if the basket level is at or above the autocall barrier, set at 100.00% of the initial basket level. In that case, investors receive a call price of $11.30 per Security, reflecting a 13.00% call return, and the investment ends early.
If not called, at maturity investors get enhanced upside via 1.65 upside gearing on any positive basket return. Principal is only protected if the final basket level is at or above the 75.00% downside threshold; below that, losses match the negative basket return and can reach 100%. The notes pay no interest, do not pass through dividends, are unsecured and unsubordinated obligations of BNS, are not CDIC or FDIC insured, and may have limited or no secondary market. The initial estimated value is $9.47 per $10 principal amount, lower than the issue price.
The Bank of Nova Scotia is offering $1,208,000 in Autocallable Contingent Coupon Trigger Notes linked to the common stock of GE Vernova Inc., maturing on February 19, 2027. These unsecured senior notes pay a monthly contingent coupon of $12.959 per $1,000 (1.2959% monthly, up to about 15.55% per year) only if GE Vernova’s closing price on each observation date is at or above 55% of the initial price of $681.55.
The notes can be automatically called on observation dates from July 2026 through January 2027 if the stock closes at or above the initial price, in which case investors receive $1,000 plus the applicable coupon and the notes terminate early. If not called, and on the final valuation date the stock is at or above 55% of the initial price, investors receive $1,000 plus the final coupon. If the final price is below 55% of the initial price, repayment is reduced one-for-one with the stock decline, down to a total loss of principal.
The initial estimated value is $994.82 per $1,000, below the 100% issue price, reflecting internal funding, structuring fees and hedging costs. The notes are not listed, may have limited liquidity, do not pay dividends on GE Vernova, and are fully subject to the credit risk of The Bank of Nova Scotia.
The Bank of Nova Scotia is offering $10,556,000 of Dual Directional Buffered Performance Leveraged Upside Securities (“Buffered PLUS”) linked to the Russell 2000® Index, maturing on February 3, 2028. Each note has a stated principal amount of $1,000 and pays no coupons.
If the index rises, holders receive principal plus 150% of the index gain, capped at a maximum upside gain of 18.14%, or $1,181.40 per note. If the index is down by up to the 15.00% buffer, investors earn a positive return equal to the index decline, up to 15.00%. If the index falls by more than 15%, investors lose 1% of principal for each 1% drop beyond the buffer, with a minimum payment of 15.00% of principal, meaning up to 85.00% of the investment can be lost.
The notes are senior unsecured debt of BNS, subject to its credit risk, will not be listed on any exchange, and have an estimated initial value of $965.60 per $1,000 issue price, reflecting structuring and distribution costs and an internal funding rate.
The Bank of Nova Scotia is offering $1,792,000 of Autocallable Contingent Coupon Trigger Notes linked to the common stock of Microsoft Corporation, maturing on February 19, 2027, under its Senior Note Program.
These unsecured notes pay a monthly contingent coupon of $7.459 per $1,000 (0.7459% monthly, about 8.95% per year) only if Microsoft’s closing price is at or above 70% of the initial price on each observation date. The notes can be automatically called starting in July 2026 if Microsoft’s price is at or above the initial price of $459.86, in which case holders receive $1,000 plus the applicable coupon and the notes terminate.
If the notes are not called and Microsoft’s final price on February 16, 2027 is below 70% of the initial price, principal is reduced one-for-one with the stock’s loss, and holders can lose up to their entire investment. The initial estimated value is $987.90 per $1,000, below the issue price, reflecting internal funding and fees. Payments depend on Scotiabank’s credit, and the notes will not be listed on an exchange.
The Bank of Nova Scotia is offering $49,993,000 of Contingent Income Auto-Callable Securities due January 19, 2029, linked to Tesla, Inc. common stock. These senior unsecured notes can pay a quarterly contingent coupon of $36.475 per $1,000 security (equivalent to 14.59% per annum) for each determination date on which Tesla’s closing price is at or above the downside threshold of $218.75, which is 50.00% of the $437.50 initial share price.
If on any non-final determination date Tesla closes at or above the call threshold of $437.50, the notes are automatically redeemed at $1,000 plus the applicable coupon and any unpaid coupons under the memory feature, and no further payments are made. If the notes are not called and the final share price is below the downside threshold, investors receive $1,000 multiplied by the share performance factor, so the maturity payment will be less than 50.00% of principal and could be zero, resulting in a significant or total loss.
Investors do not participate in any upside in Tesla beyond coupons, receive no dividends, and face BNS credit risk. The notes will not be listed, and estimated value on the pricing date is $973.20 per $1,000, reflecting embedded fees and BNS’ internal funding rate, including $22.50 per $1,000 in sales commission and structuring fee.
The Bank of Nova Scotia is offering $14,684,000 of Contingent Income Auto-Callable Securities due January 19, 2029, linked to the common stock of Eli Lilly and Company. Each $1,000 security can pay a quarterly contingent coupon of $25.50 (10.20% per annum) if on a determination date Eli Lilly’s closing price is at or above 65.00% of the initial share price of $1,038.40, a level set at $674.96. Missed coupons may be paid later under a “memory” feature if the condition is later met.
If on any non-final determination date Eli Lilly closes at or above 100.00% of the initial share price, the notes are automatically called, returning principal plus the due coupon and any unpaid coupons, with no further payments. If the notes are not called and the final share price is below the 65.00% downside threshold, investors are exposed 1-for-1 to the stock’s decline and can lose most or all of principal. Investors do not receive dividends or upside participation and face credit risk of BNS, limited liquidity, and an estimated value of $967.60 per $1,000, below the issue price due to fees, funding and hedging costs.
The Bank of Nova Scotia is offering $26,610,000 of Contingent Income Auto-Callable Securities due January 22, 2027, linked to the common stock of NVIDIA Corporation. Each security has a stated principal amount and issue price of $1,000.
Investors can receive a contingent quarterly coupon of $32.90 per security (13.16% per annum) for any determination date on which NVIDIA’s closing price is at or above the downside threshold of $111.738, equal to 60% of the initial share price of $186.23. If the stock closes at or above the call threshold of $186.23 on any non-final determination date, the notes are automatically redeemed at $1,000 plus the applicable coupon and any unpaid coupons.
If the notes are not called and the final share price is below the downside threshold, repayment of principal is reduced 1-to-1 with NVIDIA’s decline, and the maturity payment can be far less than 60% of principal and as low as zero. The securities do not participate in any stock upside, are not listed on any exchange, and all payments are subject to the credit risk of BNS. The initial estimated value on the pricing date is $977.70 per $1,000.
The Bank of Nova Scotia is issuing $50,105,000 of Contingent Income Auto-Callable Securities due January 19, 2029, linked to the common stock of NVIDIA Corporation. Each security has a stated principal amount of $1,000 and offers a contingent quarterly coupon of $27.75 (equivalent to 11.10% per annum) when the NVIDIA closing price on a determination date is at or above the downside threshold price of $93.115, which is 50% of the initial share price of $186.23.
If on any non-final determination date the NVIDIA price is at or above the call threshold price of $186.23, the notes are automatically redeemed at par plus the applicable coupon and any unpaid coupons under the memory feature, and no further payments occur. At maturity, if the final share price is at or above the downside threshold, investors receive principal plus the applicable coupon and any unpaid coupons; if it is below the downside threshold, repayment is reduced 1-to-1 with NVIDIA’s decline, to less than 50% of principal and potentially zero. Investors do not participate in any upside of the stock, forgo dividends, face limited liquidity, and are fully exposed to the credit risk of BNS, with an estimated initial value of $969.80 per $1,000 below the issue price.
The Bank of Nova Scotia is issuing $6,298,000 of Autocallable Contingent Coupon Trigger Notes linked to common stock of NVIDIA Corporation, maturing on July 21, 2027. The notes pay a contingent coupon of $9.25 per $1,000 (0.925% monthly, up to 11.10% per year) on each monthly observation date only if NVIDIA’s closing price is at least 53.00% of the $186.23 initial price.
Beginning in July 2026, the notes are automatically called if NVIDIA’s price on a call observation date is at or above the initial price, returning $1,000 per note plus that period’s coupon. If the notes are not called and NVIDIA’s final price is at least 53.00% of the initial price, holders receive $1,000 per note plus the final coupon. If the final price is below 53.00%, holders receive a fixed share amount of NVIDIA (or cash equivalent) worth less than 53% of principal and no coupon, meaning substantial or total loss is possible.
The notes are unsecured, unsubordinated obligations of The Bank of Nova Scotia, are not insured by CDIC or FDIC, and will not be listed on any exchange. The initial estimated value is $970.13 per $1,000, below the issue price, reflecting fees, structuring costs and hedging.
The Bank of Nova Scotia is issuing $8,823,000 of Digital Notes linked to the S&P 500 Index, maturing on May 10, 2028. The notes pay no interest and are unsecured, unsubordinated obligations of the Bank.
For each $1,000 note, if the final S&P 500 level on May 8, 2028 is at least 85% of the initial level of 6,940.01, holders receive a fixed $1,184.40. If the index falls more than 15% from the initial level, repayment drops below principal, with losses of about 1.1765% for each 1% decline beyond the 15% buffer, down to a possible total loss.
The notes reflect price return only, exclude dividends, are not insured by CDIC or FDIC, and depend on the creditworthiness of The Bank of Nova Scotia. The initial estimated value is $990 per $1,000, below issue price, and secondary market liquidity may be limited.
The Bank of Nova Scotia is offering unsecured Autocallable Contingent Coupon Trigger Notes linked to the Class C common stock of Dell Technologies Inc., maturing in March 2027. Investors receive monthly contingent coupons of $11.084 per $1,000 (about 1.1084% per month, up to roughly 13.30% per year) only if Dell’s share price on each observation date is at or above 58.00% of the initial price.
The notes can be automatically called starting in August 2026 if Dell’s stock is at or above the initial price on a call observation date, returning principal plus that period’s coupon. If the notes are not called and Dell’s final price is below 58.00% of the initial price, investors receive Dell shares worth less than 58% of principal and no coupon, meaning they can lose all or a substantial portion of their investment. The initial estimated value is expected to be $900–$930 per $1,000, reflecting selling commissions, structuring fees and hedging costs. The notes are not insured, will not be listed on an exchange and all payments depend on Scotiabank’s creditworthiness.
The Bank of Nova Scotia is offering $7,155,000 of Trigger Jump Securities linked to Oracle Corporation common stock, maturing January 21, 2028. These senior unsecured notes pay no interest and do not guarantee a return of principal. Each $1,000 security pays back $1,000 plus a fixed upside payment of $713.20 (71.32%) if the final Oracle share price on the valuation date is at or above the initial share price of $191.09.
If the final share price is below $191.09 but at or above the trigger level of $171.981 (90% of the initial price), investors receive only the $1,000 principal. If the final price is below the trigger, repayment is $1,000 plus $1,000 times the underlying return, so investors lose 1% of principal for every 1% Oracle falls below the initial price and can lose their entire investment.
The securities are subject to BNS credit risk, will not be listed on any exchange, have limited expected liquidity, and had an estimated value at pricing of $954.90 per $1,000, below the issue price due to sales commissions, structuring fees and funding costs.
The Bank of Nova Scotia is offering Trigger Autocallable Contingent Yield Notes linked to the S&P 500® Index, maturing on January 26, 2028. The Notes pay a contingent coupon at 9.00% per annum only when the index on a quarterly observation date is at or above the coupon barrier of 5,097.65, which is 75% of the initial level of 6,796.86. The Notes are automatically called early if on any observation date after six months the index is at or above the initial level, in which case investors receive principal plus the applicable coupon and the product terminates.
If the Notes are not called and, at maturity, the index is at or above the downside threshold of 5,097.65, investors receive full principal back. If the final index level is below the downside threshold, repayment is reduced one-for-one with the index loss, and investors can lose their entire investment. Coupons are not guaranteed, the Notes will not be listed, their estimated initial value (about $9.588–$9.888 per $10) is below issue price, and all payments depend on the creditworthiness of BNS.
The Bank of Nova Scotia is issuing $30,653,950 of Trigger Autocallable GEARS, senior unsecured notes linked to the Russell 2000 Index, maturing on January 21, 2031.
Each Security has a $10 principal amount, with an initial index level of 2,677.738, an autocall barrier at 100% of that level and a downside threshold at 75% (2,008.304). If on the January 25, 2027 observation date the index closes at or above the barrier, the notes are automatically called and pay a fixed call price of $11.10 per $10, reflecting an 11.00% call return, and then terminate.
If not called, at maturity investors receive $10 plus any positive index return multiplied by 1.45 upside gearing. If the final index level is at or above the downside threshold with a zero or negative return, principal is repaid. If the final level is below the downside threshold, repayment is reduced one-for-one with the index loss, up to a complete loss of principal. The notes pay no interest, are not insured by CDIC or FDIC, have limited liquidity, and all payments depend on BNS’s credit. The initial estimated value is $9.6678 per $10 issue price.
The Bank of Nova Scotia is offering $4,660,000 of Tesla-linked Contingent Income Auto-Callable Securities, part of its Senior Note Program, Series A. Each security has a $1,000 stated principal amount and offers a contingent quarterly coupon of $34.50 per security (equivalent to 13.80% per annum) when Tesla’s closing price on a determination date is at or above the downside threshold of $218.75, which is 50.00% of the initial share price.
The notes can be automatically redeemed on quarterly dates after a 6‑month non-call period if Tesla closes at or above the call threshold price of $437.50 (100.00% of the initial share price). If held to the January 19, 2029 maturity and Tesla’s final share price is below the downside threshold, investors are exposed 1-to-1 to the stock’s decline from the initial share price and can lose a significant portion or all of their principal.
Investors do not participate in any upside of Tesla beyond the contingent coupons, forgo Tesla dividends, face credit risk of BNS, and may face limited liquidity because the securities will not be listed. BNS’ estimated value on the pricing date is $964.00 per $1,000 security, below the issue price, reflecting selling, structuring and hedging costs.
The Bank of Nova Scotia is offering $8.2 million of Trigger Autocallable Contingent Yield Notes linked to Bank of America common stock. Each Note has a $10 principal amount and pays a 9.00% per annum contingent coupon (about $0.225 per quarter) only if BAC’s closing level on an observation date is at or above the coupon barrier of $37.24, which is 70.30% of the $52.97 initial level.
The Notes can be automatically called quarterly, starting about six months after issuance, if BAC closes at or above the initial level; in that case investors receive $10 plus the applicable coupon and the Note terminates. If not called and BAC is at or above the downside threshold of $37.24 at final valuation in January 2029, investors get back $10 per Note. If BAC finishes below the downside threshold, repayment is $10 × (1 + underlying return), exposing investors to the full downside and potentially a total loss.
The Notes are senior unsecured obligations of BNS, are not insured by CDIC or FDIC, and depend entirely on BNS’s credit. They will not be listed, may have limited liquidity, and have an initial estimated value of $9.65 per $10 issue price due to structuring, distribution, and hedging costs.
The Bank of Nova Scotia is issuing $3,800,000 of Trigger Autocallable Contingent Yield Notes linked to JPMorgan Chase & Co. common stock, maturing on January 25, 2029. Each Note has a $10 principal amount and pays a 9.00% per annum contingent coupon (quarterly) only if JPM’s closing price on the observation date is at or above the coupon barrier.
The initial level is $312.47, with both the coupon barrier and downside threshold set at $228.73, which is 73.20% of the initial level. The Notes are automatically called if, starting six months after issuance, JPM’s price on an observation date is at or above the initial level; in that case, investors receive principal plus the applicable coupon and the Notes terminate.
If the Notes are not called and JPM’s final level is at or above the downside threshold, investors receive only their $10 principal per Note at maturity. If the final level is below the downside threshold, repayment is reduced dollar-for-dollar with JPM’s decline, via $10 × (1 + underlying return), and investors can lose up to their entire investment. The Notes are senior unsecured obligations of BNS, are not insured by CDIC or FDIC, will not be listed on an exchange, and have an initial estimated value of $9.60 per $10 issue price, reflecting fees and hedging costs.
The Bank of Nova Scotia is offering Trigger Autocallable Contingent Yield Notes maturing around January 25, 2036, linked to the Russell 2000 Index and the EURO STOXX 50 Index. Each Note has a $10 principal amount, with a minimum investment of 100 Notes.
The Notes pay a 7.80% per annum contingent coupon only if, on a quarterly observation date, both indices close at or above their coupon barriers, set at 75% of initial levels
The Notes are automatically called if, on any quarterly observation date after 12 months, both indices are at or above their initial levels, returning principal plus that period’s coupon and ending the investment. If not called and, at maturity, both indices are at or above their downside thresholds (also 75% of initial), investors receive full principal back.
If at maturity any index is below its downside threshold, the repayment is reduced in line with the worst-performing index’s decline, and investors can lose all principal. The initial estimated value is between $8.736 and $9.036 per $10 Note, below the public issue price, and all payments depend on BNS’s credit.
The Bank of Nova Scotia is issuing $820,000 of Autocallable Contingent Coupon Trigger Notes linked to the common stock of GE Vernova Inc., maturing on July 21, 2027. Investors receive a monthly contingent coupon of $11.209 per $1,000 note (about 1.1209% per month, or up to roughly 13.45% per year) only when GE Vernova’s share price on an observation date is at least 50.00% of the initial price of $681.55. The notes may be automatically called starting in October 2026 if the stock closes at or above the initial price, in which case investors receive $1,000 per note plus the relevant coupon. If the notes are not called and the final price is below 50.00% of the initial price, repayment is reduced one-for-one with the stock’s decline, and investors can lose up to their entire principal. All payments depend on the creditworthiness of The Bank of Nova Scotia and the notes will not be listed on any exchange.
The Bank of Nova Scotia is offering autocallable contingent coupon notes linked to the worst performer of Apple, Amazon and Morgan Stanley stock. The notes pay a contingent coupon of at least $32.50 per $1,000 note (at least 13.00% per annum) on quarterly dates only if each stock is at or above its contingent coupon barrier, set at 60.00% of its initial value. If on a call observation date all three stocks are at or above their initial values, the notes are automatically called and repay principal plus that period’s coupon.
If the notes are not called and, at maturity in January 2029, the worst-performing stock is at or above 60.00% of its initial value, investors receive full principal back (plus any due coupon). If the worst performer is below its barrier, repayment is reduced one-for-one with that stock’s loss and investors can lose up to 100% of principal. The notes are unsecured obligations of Scotiabank, not listed on any exchange, and the initial estimated value of each $1,000 note (between $898.58 and $928.58) is lower than the issue price.
The Bank of Nova Scotia is offering market-linked, senior unsecured notes tied to the lowest performing of Broadcom, Alphabet Class C and Netflix shares. Each security has a $1,000 face amount, no interest, no principal protection and no exchange listing, with total original offering proceeds of $5,598,000.
After about one year, if the lowest performing stock is at or above its starting price, the notes are automatically called for 37.50% above face value. If not called, at maturity investors get 300% of any gain in the lowest stock, an “absolute return” if it is down but no more than 50%, or full downside exposure if it falls below 50% of its starting price.
The bank’s estimated value is $883.40 (88.340%) per security, reflecting selling costs and hedging profits, which may pressure secondary prices. All payments depend on Bank of Nova Scotia’s credit and the notes are not insured by Canadian or U.S. deposit insurance schemes.
The Bank of Nova Scotia is offering market-linked senior notes that pay contingent coupons tied to NVIDIA’s common stock. Each security has a $1,000 face amount and offers a 15.00% per annum coupon, paid monthly only if NVIDIA’s stock closes at or above 70% of the starting price (the coupon threshold) on the relevant calculation day. If the stock is below that level, no coupon is paid for that month, and it is possible to receive no coupons over the entire term.
The notes can be automatically called on monthly dates from July 2026 to December 2026 if NVIDIA’s stock closes at or above the $186.23 starting price, in which case holders receive the face amount plus the final coupon and the investment ends early. If not called, principal is protected at maturity only if the final stock price is at or above the $130.361 downside threshold (70% of the starting price); below that level, investors are fully exposed to NVIDIA’s decline and can lose more than 30%, up to all principal. The Bank’s estimated value is $964.61 per $1,000 note, the securities are unsecured, not insured by CDIC or FDIC, will not be listed on an exchange, and involve complex tax and liquidity risks.
The Bank of Nova Scotia is issuing senior unsecured Market Linked Securities tied to the common stock of Oracle Corporation, offering a contingent coupon and exposing investors to potential loss of principal. Each security has a $1,000 face amount, with a contingent coupon rate of 12.35% per annum paid quarterly if Oracle’s stock closes at or above a coupon threshold on the applicable calculation day.
The notes are auto-callable from July 2026 to October 2028 if the stock closes at or above the starting price of $191.09, in which case investors receive the face amount plus accrued and unpaid contingent coupons. If the notes are not called and Oracle’s stock is below the downside threshold of $95.545 (50% of the starting price) on the final calculation day, investors lose more than half, and possibly all, of principal. The estimated value at pricing is $948.20 per $1,000 note, reflecting selling costs and hedging profits, and the securities are unsecured obligations subject to the Bank’s credit risk and will not be listed on an exchange.
The Bank of Nova Scotia is offering senior unsecured Trigger Autocallable Contingent Yield Notes linked to the least performing of the Nasdaq-100 Index and the EURO STOXX 50 Index, maturing around January 31, 2036. The notes may pay quarterly contingent coupons at an annual rate of 7.00% to 7.50% only when each index closes at or above its coupon barrier, set at 75% of its initial level.
The notes can be automatically called after 12 months if both indices are at or above their initial levels on an observation date, returning principal plus the applicable coupon, with no further payments. If not called and any index finishes below its downside threshold (also 75% of initial), repayment at maturity is reduced in line with the worst index’s percentage loss, and investors can lose their entire principal.
The initial estimated value is expected between $8.641 and $8.941 per $10 note, below the public issue price, reflecting structuring and hedging costs. The notes will not be listed, may have limited liquidity, and all payments depend on BNS’s creditworthiness.
The Bank of Nova Scotia is offering senior unsecured market-linked securities tied to the common stock of Oklo Inc., due January 22, 2027. Each security has a $1,000 face amount and may pay a 30.00% per annum contingent coupon, calculated monthly, but only when Oklo’s stock closing price on the relevant calculation day is at or above the coupon threshold of $47.475, which is 50% of the $94.95 starting price. Missed coupons can be paid later under a “memory” feature if the threshold is subsequently met.
The notes are auto-callable on monthly dates from July 2026 to December 2026 if Oklo’s stock closes at or above the starting price, in which case investors receive $1,000 plus the final and any unpaid coupons. If not called, at maturity investors receive $1,000 only if the final stock price is at or above the downside threshold of $47.475; otherwise the payoff is $1,000 multiplied by the stock’s performance, so a drop of more than 50% leads to loss of more than half, up to all, of principal.
The Bank’s estimated value is $931.02 per $1,000 security (93.102%) due to embedded selling, structuring and hedging costs. The securities do not participate in any upside of Oklo’s stock, pay no dividends, are not listed on any exchange, and all payments depend on the credit of The Bank of Nova Scotia.
The Bank of Nova Scotia is issuing senior unsecured market-linked notes that pay a 21.00% per annum contingent coupon and can be auto‑called early. The securities are linked to the worst performer among Blackstone, KKR and Blue Owl common stocks and mature in January 2029.
Investors receive quarterly coupons only if the lowest stock on each calculation day is at or above 60% of its starting price, with a “memory” feature that can make up missed payments later. If the notes are not called and the lowest stock finishes below 60% of its starting price at maturity, repayment falls in line with that stock’s loss and investors can lose more than 40%, up to their entire principal. The issue totals $5,042,000 at $1,000 per security, carries an estimated value of $986.04 per security, is not listed on any exchange and is fully exposed to Scotiabank’s credit risk.
The Bank of Nova Scotia is offering 2,840,844 Autocallable Strategic Accelerated Redemption Securities linked to the Russell 2000 Index at $10 principal amount per unit, for a total public offering price of $28,408,440 and gross proceeds to BNS of $27,840,271.20 before expenses.
The notes may be automatically called after roughly one, two, or three years if the index closes at or above the starting level of 2,674.557 on an observation date, paying $11.16, $12.32, or $13.48 per unit, respectively. If the notes are not called and the index ends below the starting level, investors have 1‑to‑1 downside exposure and can lose up to all of their principal. The initial estimated value is $9.67 per unit, reflecting BNS’s internal funding rate, a $0.20 per unit underwriting discount, and a $0.05 per unit hedging-related charge.
The notes pay no periodic interest, offer no dividends from the index constituents, are unsecured senior obligations of BNS, and carry credit risk and limited expected secondary market liquidity.
The Bank of Nova Scotia is offering 534,506 Autocallable Leveraged Index Return Notes linked to an international equity index basket, each with a $10 principal amount and a term of about three years. The notes can be automatically called on January 21, 2027 at $11.00 per unit (a 10.00% return over principal) if the basket is at or above its 100.00 starting level.
If not called, at maturity investors get 238.00% of any basket increase but absorb losses 1‑for‑1 if the basket finishes below the starting level, with up to 100.00% of principal at risk. The basket weights 40.00% to the EURO STOXX 50® Index, 20.00% each to the FTSE® 100 Index and Nikkei Stock Average Index, 7.50% each to the Swiss Market Index® and S&P/ASX 200 Index, and 5.00% to the FTSE® China 50 Index. The initial estimated value is $9.57 per unit versus a public offering price of $10.00, reflecting underwriting and hedging costs and BNS’s internal funding rate.
The Bank of Nova Scotia is offering $4,014,000 of unsecured senior capped notes linked to the SPDR® Gold Shares ETF (GLD), maturing on February 3, 2027. Each note has a $1,000 principal amount and was priced at 100% of principal, with proceeds to the bank of 99% after fees.
At maturity, if GLD’s final value is above its initial value of $421.29, holders receive $1,000 plus the positive return of GLD, capped at a Maximum Return of 12.27% (maximum payment $1,122.70 per note). If GLD is unchanged, investors receive $1,000. If GLD falls, the payout is $1,000 plus the negative return, but not less than $950 per note, so investors may lose up to 5% of principal.
The notes pay no interest, are not listed on an exchange, and secondary liquidity may be limited. All payments depend on the creditworthiness of The Bank of Nova Scotia, and the notes are not insured by the CDIC or FDIC. The initial estimated value was $986.32 per $1,000, reflecting internal funding and hedging costs.
The Bank of Nova Scotia is issuing $9,831,000 of unsecured Autocallable Contingent Coupon Buffer Notes linked to Vertiv Holdings Co common stock, maturing on February 3, 2027.
Each $1,000 Note can be automatically called on quarterly Observation Dates if Vertiv’s stock closes at or above the Initial Value of $176.93, returning principal plus a $51.125 contingent coupon and any unpaid “memory” coupons. If the Notes are not called, you receive principal back at maturity only if the Final Value is at least 65% of the Initial Value, a 35% buffer set at $115.00.
If the Final Value is below this Buffer Value, repayment is reduced using a downside leverage factor of about 1.5385, and you can lose up to 100% of principal. Coupons are not guaranteed and may never be paid. The Notes are not insured by CDIC or FDIC, carry the Bank’s credit risk, will not be listed, and had an initial estimated value of $986.21 per $1,000, below the issue price.
The Bank of Nova Scotia is offering $2,690,000 of Autocallable Digital Buffer Notes linked to Capital One Financial Corporation common stock, maturing January 21, 2028. Each $1,000 Note may be automatically called on January 29, 2027 if the stock is at or above the Initial Value of $239.14, paying $1,177.30 (a 17.73% call premium). If not called and the Final Value is at or above the Initial Value, investors receive $1,000 plus the greater of a 35.46% digital return or the stock’s positive return. If the Final Value is between 85% and 100% of the Initial Value, principal is returned. Below 85%, losses are leveraged at about 1.1765% for each 1% drop past the 15% buffer, up to total loss. The Notes pay no interest, are unsecured obligations of the Bank, and had an initial estimated value of $982.49 per $1,000, below the issue price.
The Bank of Nova Scotia is offering senior unsecured Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the least performing of Amazon, Broadcom and Dell common stock, maturing around January 26, 2029. Investors receive quarterly contingent coupons only when each stock closes at or above its coupon barrier, initially expected at 55% of its initial level, with a preliminary contingent coupon rate of 19.20% to 19.75% per annum. The notes are automatically called early if, on any observation date, all three stocks are at or above their initial levels, returning principal plus due and unpaid coupons. If the notes are not called and any stock finishes below its downside threshold (also 55% of initial), maturity repayment is reduced in line with the worst stock’s percentage loss, up to a total loss of principal. Payments depend entirely on BNS’s credit, the notes are not exchange-listed, and the initial estimated value is expected between $9.26 and $9.56 per $10 note, below the issue price.
The Bank of Nova Scotia is offering $2,440,770 of senior unsecured Trigger Autocallable Notes linked to the EURO STOXX 50® Index. The Notes have a principal amount of $10 per Note, a term of about 5 years and a 9.00% per annum call return rate, with quarterly observation dates callable after 12 months.
The Notes are automatically called if the index on any observation date, including the final valuation date, is at or above the initial level of 6,029.45, paying the stated call price and then terminating. If never called and the final index level is at or above the downside threshold of 4,522.09 (75% of the initial level), investors receive only their $10 principal. If the final level is below the downside threshold, repayment is reduced dollar-for-dollar with the index decline, and all principal can be lost.
The Notes pay no interest, do not provide dividends, are not insured or bail-inable, and are subject to BNS’s credit risk. They will not be listed, may have limited secondary liquidity, and their initial estimated value is $9.55 per $10 issue price, reflecting selling, structuring and hedging costs.
The Bank of Nova Scotia is offering $11,574,210 of Trigger Autocallable GEARS, senior unsecured notes linked to the Nikkei 225 Index, at $10 per Security, maturing in January 2031 unless called earlier.
The notes may be automatically called on January 25, 2027 if the index closes at or above the initial level of 53,936.17, paying a call price of $11.60 per Security, a 16.00% total return, after which no further payments are made. If not called and the index is above the initial level at final valuation, holders receive $10 plus the index return multiplied by 1.82. If the final index level is between 75.00% and 100.00% of the initial level, repayment is limited to the $10 principal.
If the notes are not called and the final level is below 75.00% of the initial level (40,452.13), repayment is reduced one-for-one with the index decline, up to a total loss of principal. The Securities pay no interest, are not listed, carry BNS credit risk, and had an initial estimated value of $9.51 per $10, below the issue price.
The Bank of Nova Scotia is offering senior unsecured Market Linked Securities tied to the common stock of Tesla, Inc., with a $1,000 face amount per security and a fixed coupon of 15.35% per annum paid monthly until automatic call or maturity.
The notes are auto-callable from July 2026 to December 2026 if Tesla’s stock closing price on a calculation day is at or above the starting price of $437.50, in which case investors receive the face amount plus a final coupon. If the notes are not called, at maturity in January 2027 investors receive $1,000 only if Tesla’s final stock price is at or above the downside threshold of $262.50 (60% of the starting price.
If the final price is below the downside threshold, the maturity amount is reduced in proportion to the decline and investors can lose more than 40% and up to all of principal. Investors do not participate in any stock upside or receive dividends. The Bank’s estimated value is $989.79 per $1,000 security. The notes are not insured, are subject to Scotiabank’s credit risk, and will not be listed on an exchange.
The Bank of Nova Scotia is offering 2,148,815 senior unsecured Autocallable Strategic Accelerated Redemption Securities linked to the S&P 500 Index, each with a $10 principal amount, for a total public offering price of $21,488,150.
The notes can be automatically called on annual Observation Dates if the Index is at or above the Starting Value of 6,944.47, paying between $10.662 and $13.972 per unit, corresponding to call premiums of 6.62% to 39.72% of principal. If never called and the Index decline is within 15%, investors receive their $10 principal back; if the Index falls more than 15%, repayment is reduced one-for-one with the decline below the 85% Threshold Value, putting up to 85% of principal at risk.
The notes pay no periodic interest, do not provide any dividends on the S&P 500 companies, and have limited expected secondary market liquidity. All payments depend on the credit of BNS, and the initial estimated value of $9.63 per unit is below the $10 public price due to the issuer’s internal funding rate, a $0.20 underwriting discount and a $0.05 hedging-related charge.
The Bank of Nova Scotia is issuing Trigger Autocallable Contingent Yield Notes linked to the common stock of JPMorgan Chase & Co. with a term to January 25, 2029. The Notes pay a 9.00% per annum contingent coupon (paid quarterly) only if JPM’s closing level on an observation date is at or above a coupon barrier of $228.73, which is 73.20% of the initial level of $312.47. Otherwise, no coupon is paid.
The Notes are automatically called if, on any quarterly observation date after six months, JPM’s closing level is at or above the initial level, in which case investors receive principal plus the applicable coupon and the Notes terminate. If not called, principal is repaid at maturity only if the final JPM level is at or above the downside threshold of $228.73; below that level, repayment is reduced one-for-one with JPM’s decline, and investors can lose their entire investment. The Notes are unsecured obligations of BNS, have an initial estimated value between $9.34 and $9.64 per $10, will not be listed, and carry significant market, liquidity and credit risk.
The Bank of Nova Scotia is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Bank of America, maturing on January 25, 2029. Each $10 Note pays a 9.00% per annum contingent coupon (about $0.225 per quarter) only if BAC’s closing level on an observation date is at or above the coupon barrier of $37.24, which is 70.30% of the initial level of $52.97.
The Notes are autocallable quarterly after six months if BAC’s closing level is at or above the initial level, in which case investors receive $10 plus the applicable coupon and the Notes terminate. If not called, and BAC’s final level on the January 22, 2029 valuation date is at or above the downside threshold of $37.24, investors receive full principal back. If the final level is below the downside threshold, repayment is reduced dollar-for-dollar with BAC’s decline, via $10 × (1 + underlying return), and investors can lose their entire investment.
The Notes are senior unsecured obligations of BNS, subject to its credit risk, are not insured or bail-inable, and will not be listed on any exchange. The minimum investment is 100 Notes ($1,000). The initial estimated value is between $9.35 and $9.65 per $10 Note, below the $10 issue price, reflecting selling, structuring and hedging costs and BNS’ internal funding rate. An underwriting discount of $0.225 per Note reduces proceeds to BNS to $9.775 per Note.
The Bank of Nova Scotia is offering senior unsecured market-linked notes tied to the lowest-performing of Goldman Sachs, Meta Platforms and Exxon Mobil, maturing in January 2029. Each security has a $1,000 face amount and pays a 20.00% per annum contingent coupon quarterly only if, on the relevant calculation day, the lowest-performing stock is at or above 70% of its starting price. From July 2026 to October 2028, if the lowest-performing stock is at or above its starting price on a calculation day, the notes are automatically called at par plus that quarter’s coupon. If not called and on the final calculation day the lowest-performing stock is below 70% of its starting price, investors lose more than 30%, up to all, of principal. The Bank’s estimated value is $936.56 (93.656%) per $1,000 security, below the original offering price due to selling, structuring and hedging costs.
The Bank of Nova Scotia is offering one-year Contingent Income Auto-Callable Securities linked to the common stock of Meta Platforms, Inc. Each security has a stated principal amount of $1,000 and can pay a $28.00 quarterly coupon (equivalent to 11.20% per annum) for any determination date on which Meta’s closing price is at least 70% of the initial share price, helped by a “memory” feature that can catch up missed coupons later.
The notes are principal-at-risk. If they are not called early and Meta’s final share price is below the 70% downside threshold, investors receive shares of Meta (based on an exchange ratio of principal divided by the initial share price) instead of cash principal, and the value could be far below $1,000, down to zero. If Meta is at or above the downside threshold at maturity, investors receive full principal plus any due coupons.
The securities auto-call at par plus the coupon (and any unpaid coupons) if Meta closes at or above 100% of the initial share price on any non-final determination date. The notes are senior unsecured obligations of BNS, exposed to BNS credit risk, pay no dividends on Meta, are not listed on an exchange, and may have limited or no secondary market liquidity. The initial estimated value per $1,000 is expected between $947.62 and $977.62, below the issue price.
The Bank of Nova Scotia is offering senior unsecured Contingent Income Auto-Callable Securities linked to the common stock of Microsoft Corporation, maturing on or about January 28, 2027. Each security has a $1,000 stated principal amount and issue price.
Investors may receive a contingent quarterly coupon of $24.70 per security (equivalent to 9.88% per annum) on each determination date when the Microsoft share price is at or above 80.00% of the initial share price, with a “memory” feature that can pay previously missed coupons later. If on any non-final determination date the share price is at or above 100.00% of the initial share price, the notes are automatically called for principal plus the due coupon(s).
If the notes are not called and the final share price is at or above the 80.00% downside threshold, holders receive principal plus due coupon(s) at maturity. If the final share price is below the downside threshold, investors receive Microsoft shares based on an exchange ratio instead of principal, and the value may be significantly less than $1,000 and could be zero, resulting in a total loss of principal. Payments are subject to the credit risk of BNS, the notes are not insured, will not be listed, and initial estimated value is disclosed as between $947.83 and $977.83 per $1,000.
The Bank of Nova Scotia is offering unsecured Autocallable Contingent Coupon Notes due January 26, 2029, linked to the common stock of First Solar, Inc. Each Note has a $1,000 principal amount and a minimum investment of $1,000.
The Notes can pay a contingent coupon of at least $37 per Note (at least 14.80% per annum) on scheduled dates if First Solar’s closing price is at or above a barrier set at 50% of the Initial Value. If on any call observation date the stock is at or above the Initial Value, the Notes are automatically called for $1,000 plus the coupon, and end early.
If not called, at maturity investors receive $1,000 per Note if the Final Value is at or above the 50% barrier. If the Final Value is below the barrier, repayment is reduced one-for-one with First Solar’s decline, and investors can lose up to 100% of principal. The Notes are not listed, depend on the credit of the Bank, and have an initial estimated value of $931.94–$961.94 per $1,000.
The Bank of Nova Scotia is offering senior unsecured Airbag Autocallable Yield Notes linked to the common stock of QUALCOMM Incorporated. Each Note has a $1,000 principal amount, an expected term of about 12 months, and pays a fixed monthly coupon at an annual rate expected to be between 9.35% and 10.35%, regardless of QUALCOMM’s share performance, unless the Notes are called early.
The Notes are automatically called if on any quarterly observation date QUALCOMM’s closing price is at or above the call threshold, set at 100% of the initial level. In that case, investors receive principal plus the due coupon and the Notes terminate. If not called and the final stock level is at or above the conversion level, set at 85% of the initial level, investors receive full principal in cash at maturity.
If the Notes are not called and the final level is below the conversion level, investors receive a share delivery amount of QUALCOMM stock equal to $1,000 divided by the conversion level (plus cash for any fractional share), which is expected to be worth less than principal and could, in extreme cases, result in a total loss. Investors forgo dividends and upside participation in QUALCOMM’s stock. The Notes are subject to BNS credit risk, will not be listed, may have limited liquidity, and have an initial estimated value of approximately $942.36–$972.36 per $1,000, below the issue price.
The Bank of Nova Scotia is offering $9,816,000 of Autocallable Contingent Coupon Buffer Notes with Memory Coupon linked to the common stock of Vertiv Holdings Co, maturing on February 3, 2027.
The notes pay a contingent coupon of $51.125 per $1,000 note on scheduled dates only if Vertiv’s stock is at or above 65.00% of the $176.93 Initial Value ($115.00) on the relevant Observation Date; missed coupons can be paid later if the condition is again met. The notes are automatically called early if Vertiv’s stock is at or above the Initial Value on any Observation Date, returning principal plus due coupons.
If not called and Vertiv’s final value is below the 65.00% buffer, repayment of principal is reduced at an effective downside leverage of about 1.5385, and investors can lose up to 100% of principal. The notes are unsecured, unsubordinated obligations of Scotiabank, carry no guarantee of coupons, are not listed, and had an initial estimated value of $986.21 per $1,000, below the 100.00% original issue price.
The Bank of Nova Scotia is offering $2,675,000 of Autocallable Digital Buffer Notes linked to Capital One Financial common stock, maturing January 21, 2028. Each Note has a $1,000 principal amount and may be automatically called on January 29, 2027 if Capital One’s share price is at or above the initial level of $239.14. In that case, investors receive $1,177.30 per Note, a fixed 17.73% return, and the Notes terminate early.
If the Notes are not called and the final share price on January 18, 2028 is at or above $239.14, investors receive $1,000 plus the greater of a 35.46% fixed digital return or the stock’s positive price return. If the final price is between 85% and 100% of the initial level, principal is repaid at $1,000. Below 85%, repayment is reduced on a leveraged basis so that each 1% drop beyond the 15% buffer cuts principal by about 1.1765%, up to a total loss. The Notes pay no interest, are unsecured obligations of the Bank, and carry both issuer credit risk and limited liquidity.
The Bank of Nova Scotia is issuing $2,602,000 of unsecured Autocallable Contingent Coupon Notes due January 19, 2029, linked to the common stock of Uber Technologies, Inc. Each $1,000 Note can pay a Contingent Coupon of $25.00 (10.00% per annum) on scheduled dates if Uber’s closing price is at or above the Contingent Coupon Barrier Value of $50.91, which is 60.00% of the Initial Value of $84.85.
The Notes are automatically called if Uber’s price on a Call Observation Date is at or above the Initial Value, paying back principal plus the relevant coupon. If the Notes are not called and Uber’s Final Value on January 16, 2029 is at or above the $50.91 Barrier Value, investors receive full principal. If the Final Value is below the Barrier, repayment is reduced one-for-one with Uber’s decline from the Initial Value, and investors can lose up to 100% of principal.
The Notes are senior unsecured obligations of The Bank of Nova Scotia, are not insured by the CDIC or FDIC, and will not be listed on an exchange. The initial estimated value is $966.73 per $1,000, below the 100% issue price, reflecting internal funding and structuring costs, and secondary market liquidity may be limited.
The Bank of Nova Scotia is offering unsecured, unsubordinated autocallable contingent coupon notes linked to the common stock of Arista Networks, Inc. The notes have a minimum denomination of $1,000, a scheduled maturity on January 26, 2029, and may be automatically called on quarterly observation dates if Arista’s stock closes at or above its initial value, returning principal plus any due coupon.
Investors can receive a contingent coupon of at least $41 per note per quarter (equal to at least 16.40% per annum) when the stock closes at or above 60.00% of the initial value on an observation date; no coupon is paid if it is below this barrier. If the notes are not called and the final stock value is at or above the 60.00% barrier, principal is repaid; if it is below, repayment is reduced 1% for each 1% decline from the initial value, with up to 100% loss of principal possible. The initial estimated value is expected to be $929.50–$959.50 per $1,000, below the issue price, and all payments are subject to the credit risk of The Bank of Nova Scotia and limited liquidity.