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 senior unsecured digital notes linked to the least performing of the Russell 2000 Index and the S&P 500 Index, expected to mature on February 3, 2028. The notes pay no interest and all cash flow comes at maturity.
For each $1,000 note, if on the valuation date the final level of each index is at or above its initial level, holders receive a capped payoff called the threshold settlement amount, expected to be at least $1,110. If any index finishes below its initial level, the maturity payment is limited to the $1,000 principal amount, so the return is zero but principal is repaid, subject to the issuer’s credit.
The initial estimated value is expected to be between $925 and $965 per $1,000, reflecting internal funding and structuring costs, which may contribute to an immediate discount in secondary trading. The notes will not be listed, may have limited liquidity, provide no dividends, and expose holders to market risk of both indices and to the credit risk of The Bank of Nova Scotia.
The Bank of Nova Scotia is offering senior unsecured market-linked securities tied to an equally weighted basket of the EURO STOXX 50® Index and the S&P 500® Index, maturing on August 2, 2029. Each security has a $1,000 face amount and pays no interest or dividends.
At maturity, investors receive $1,000 plus 100% of any positive basket return, subject to a maximum return of at least 24.00%, giving a maximum maturity payment of at least $1,240 per security. If the basket is flat or down, the maturity payment is $1,000. All payments depend on the creditworthiness of the Bank.
The original offering price is $1,000 per security, including an agent discount of $33.25 and proceeds to the Bank of $966.75 per security. If priced on the date shown, the Bank estimates the value between $925.98 and $955.98 per security, reflecting selling, structuring and hedging costs and potentially lower secondary market prices.
The Bank of Nova Scotia is offering senior unsecured market-linked notes tied to the common stock of Oklo Inc. The securities pay a monthly contingent coupon at a rate of at least 30.00% per annum, but only if Oklo’s stock closes at or above 50% of the starting price on the related calculation day; missed coupons can be paid later under a “memory” feature if the condition is later met.
The notes are auto-callable from July 2026 to December 2026 if Oklo’s stock is at or above the starting price on a calculation day, in which case holders receive the $1,000 face amount plus the applicable coupon(s). If not called, at maturity in January 2027 investors receive $1,000 only if Oklo’s final stock price is at or above 50% of the starting price; otherwise, repayment is reduced in proportion to the decline and investors can lose more than 50%, up to all principal. The bank’s estimated value is between 90.745% and 93.745% of the $1,000 offering price, and the notes are not listed and carry the credit risk of The Bank of Nova Scotia.
The Bank of Nova Scotia is offering senior unsecured market-linked notes tied to the worst performer among Ares Management, KKR & Co., and Blue Owl Capital common stocks, maturing in January 2029. Each security has a $1,000 face amount and may pay a quarterly contingent coupon of at least 20.00% per annum, but only if the lowest-performing stock on each calculation day is at or above 60% of its starting price. Missed coupons can be paid later if conditions are met, but investors could receive no income over the entire term.
The notes are auto-callable quarterly from July 2026 to October 2028 if the lowest-performing stock is at or above its starting price, returning face amount plus due coupons. If not called, principal is protected only if the worst stock on the final calculation day stays at or above 60% of its starting price; otherwise, investors lose more than 40%, up to all principal. The Bank estimates the initial value at $937.90–$967.90 per $1,000, reflecting selling costs and hedging. The original price is $1,000, with an agent discount of $25.75 and proceeds of $974.25 to the Bank per security.
The Bank of Nova Scotia is offering unsecured Autocallable Contingent Coupon Notes linked to the common stock of NVIDIA Corporation. The Notes have a principal amount of $1,000 each, a scheduled maturity on January 4, 2029, and may be automatically called quarterly if NVIDIA’s closing price is at or above its initial value on any call observation date.
If not called, investors receive a contingent coupon of at least $36.00 per Note per year (≥14.40% p.a.) only when NVIDIA’s price is at or above 60% of the initial value on the relevant observation date; otherwise no coupon is paid. At maturity, if the final NVIDIA price is at or above 60% of the initial value, principal is repaid; if it is below this barrier, repayment is reduced one-for-one with NVIDIA’s decline 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 CDIC or FDIC, and will not be listed on an exchange. The initial estimated value is expected between $936.52 and $966.52 per $1,000, below the issue price, reflecting internal funding and hedging costs.
The Bank of Nova Scotia is offering unsecured Autocallable Contingent Coupon Notes linked to Apple Inc. common stock, with a $1,000 minimum denomination and scheduled maturity on January 4, 2029, unless called earlier. The notes may be automatically called on quarterly observation dates if Apple’s closing price is at or above its initial level, returning principal plus any due coupon.
Investors can receive a contingent coupon of at least $17.50 per note (at least 7.00% per annum) on specified dates when Apple’s price is at or above 70.00% of the initial value. If the notes are not called and Apple’s final price is below this 70.00% barrier, repayment is reduced 1% for each 1% decline from the initial value, up to a total loss of principal. The initial estimated value is expected between $939.38 and $969.38 per $1,000, reflecting fees, hedging costs and the issuer’s internal funding rate. The notes are not insured, will not be listed, and all payments depend on the credit of The Bank of Nova Scotia.
The Bank of Nova Scotia is offering Buffered Contingent Income Auto-Callable Securities with Memory Coupon and Downside Leverage linked to the Invesco QQQ TrustSM, Series 1, maturing on January 4, 2027. Each security has a stated principal amount of $1,000 and can pay a contingent monthly coupon of $10.20 per security, equivalent to 12.24% per annum, for any determination date when QQQ’s closing price is at or above 90% of the initial share price ($623.93), the downside threshold price of $561.537.
If on any non-final determination date QQQ is at or above the call threshold price of 100% of the initial share price, the notes are automatically redeemed for principal plus that month’s coupon and any unpaid coupons under the memory feature. At maturity, if the notes have not been called and QQQ is at or above the downside threshold, investors receive principal plus all due coupons. If QQQ finishes below the downside threshold, repayment is reduced by about 1.1111% for every 1% decline below the threshold, up to a complete loss of principal. The notes are senior unsecured obligations of BNS, not listed on any exchange, and their estimated value on the pricing date is expected to range from $966.21 to $996.21 per $1,000.
The Bank of Nova Scotia is offering $340,000 of senior, unsecured Autocallable Contingent Coupon Notes linked to the common stock of Datadog, Inc. Each Note has a $1,000 principal amount and pays a 14.00% per annum contingent coupon ($35 per Note per period) only if Datadog’s share price on the observation date is at or above the barrier.
The Notes can be automatically called on quarterly observation dates if Datadog’s share price is at or above the initial value of $141.23, returning principal plus the applicable coupon. If not called, principal repayment at maturity depends on Datadog’s final price relative to the barrier and coupon barrier of $84.74, equal to 60% of the initial value. If the final value is below the barrier, investors lose 1% of principal for each 1% Datadog has fallen, up to a 100% loss of principal.
The offering price is 100% of principal, with 2.00% underwriting commissions, so proceeds to the Bank are $333,200. The initial estimated value is $963.46 per $1,000, reflecting internal funding and hedging costs. The Notes are not listed, may have limited or no secondary market, pay no fixed interest, and all payments are subject to the Bank’s credit risk.
The Bank of Nova Scotia is offering unsecured Autocallable Contingent Coupon Buffer Notes linked to the common stock of Meta Platforms, Inc., maturing on January 21, 2027. Each Note has a $1,000 principal amount and an Original Issue Price of 100%.
The Notes can be automatically called on any Observation Date if Meta’s closing value is at or above the Initial Value, returning principal plus the applicable contingent coupon and any unpaid coupons. If not called, a contingent coupon of at least $39.80 per Note is paid on each Observation Date only if Meta’s closing value is at or above 85% of the Initial Value; missed coupons may be paid later if a future coupon condition is met.
At maturity, if the Notes are not called and Meta’s final value is at or above 85% of the Initial Value, holders receive full principal plus any due coupons. If the final value is below this buffer level, repayment is reduced so that holders lose about 1.1765% of principal for each 1% decline beyond the 15% buffer, up to a total loss. The initial estimated value is expected to be between $956.58 and $986.58 per $1,000, reflecting structuring and hedging costs, and payments depend on the credit of the Bank.
The Bank of Nova Scotia is offering senior unsecured market-linked notes tied to the common stock of NVIDIA Corporation. These auto-callable securities can pay a contingent coupon of at least 15.00% per annum, paid monthly only if NVIDIA’s stock is at or above 70% of its starting price on each calculation day.
If from July 2026 to December 2026 NVIDIA’s stock closes at or above the starting price on any monthly calculation day, the notes are automatically called and repay the $1,000 face amount plus the final coupon. If they are not called and the final stock price is below 70% of the starting price, investors lose more than 30% of principal, up to a total loss. Investors do not participate in any stock upside or dividends. The bank’s estimated value is between 92.365% and 95.365% of the $1,000 price per note, and the notes are subject to BNS credit risk and are not listed on any exchange.
The Bank of Nova Scotia is offering Capped Buffered Index-Linked Notes linked to the least performing of the Russell 2000® Index and the S&P 500® Index, maturing on August 3, 2027. Each note has a $1,000 principal amount and a 120.00% participation rate.
If both indexes finish above their initial levels, investors receive principal plus 120% of the gain of the worst-performing index, capped at a maximum upside payment amount expected to be at least $1,192.50 per $1,000. If any index is at or below its start but both remain at or above 90.00% of initial (a 10% buffer), investors earn 120% of the absolute decline (for example, a -5.00% move in the worst index gives a +6.00% return). Below 90.00% of initial, losses match the decline beyond the 10.00% buffer, and investors can lose up to 90.00% of principal.
The notes pay no interest, do not provide dividends, are unsecured obligations of the Bank, and will not be listed on any exchange. The initial estimated value is expected to be $925.00–$965.00 per $1,000, less than the issue price, reflecting commissions, fees and hedging costs.
The Bank of Nova Scotia is offering senior unsecured market-linked securities tied to the lowest performing of Goldman Sachs, Meta Platforms and Exxon Mobil common stocks, maturing in January 2029. Each $1,000 security can pay a quarterly contingent coupon at a rate of at least 20.00% per annum, but only if on each calculation day the lowest performing stock is at or above 70% of its starting price; otherwise no coupon is paid.
The notes are auto-callable from July 2026 to October 2028 if the lowest performing stock is at or above its starting price, returning the $1,000 face amount plus a final coupon. If not called, at maturity investors receive $1,000 only if the lowest stock is at or above 70% of its starting price; below that level, repayment falls in line with the stock’s decline and investors can lose more than 30%, up to their entire principal.
There is no participation in any stock upside or dividends, and all payments depend on Scotiabank’s credit. The securities are not insured, will not be listed on an exchange and may trade below the $1,000 offering price; the bank’s estimated value is $910.24–$940.24 per security.
The Bank of Nova Scotia is offering $805,000 of Autocallable Contingent Coupon Notes due December 29, 2028 linked to the common stock of Robinhood Markets, Inc. Each Note has a $1,000 principal amount and is an unsecured, unsubordinated obligation of the bank.
The Notes may be automatically called if Robinhood’s closing price on any Call Observation Date is at or above the Initial Value of $120.24. When outstanding, they pay a contingent coupon of $55.50 per Note (22.20% per annum) only if the stock closes at or above the Contingent Coupon Barrier Value of $60.12, which is also the Barrier Value at maturity. If the Notes are not called and Robinhood finishes below the $60.12 barrier, repayment is reduced one-for-one with the stock’s decline from the initial level, and investors can lose up to 100% of principal. The initial estimated value is $964.60 per $1,000, they are not listed on any exchange, and all payments depend on the creditworthiness of The Bank of Nova Scotia.
The Bank of Nova Scotia is offering $22.7 million of Trigger Autocallable GEARS, senior unsecured notes linked to the TOPIX index and maturing in December 2030. Each Security has a $10 principal amount and may be automatically called after about one year if TOPIX closes at or above the initial level of 3,423.25, paying $11.80 per Security (an 18.00% call return) and then terminating.
If not called, at maturity investors receive $10 plus any positive TOPIX return multiplied by 1.56. Principal is protected only down to a downside threshold of 2,567.44 (75.00% of the initial level); if the final level falls below this, repayment is reduced one-for-one with the index decline, up to a total loss. The notes pay no interest, have limited liquidity, and all payments depend on BNS’s credit. The initial estimated value is $9.49 per $10 Security, below the issue price.
The Bank of Nova Scotia is issuing $3,615,000 of Dual Directional Capped Buffered Notes linked to the S&P 500® Index, maturing on December 29, 2027. Each Note has a $1,000 principal amount and was priced at 100% of principal, with underwriting commissions of 1.50%, resulting in $3,560,775 of proceeds to the Bank.
The Notes pay no interest and all payments occur at maturity. If the index finishes at or above the initial level of 6,909.79, investors receive the index’s positive return, capped at a 20.90% Maximum Upside Return, or $1,209 per $1,000. If the index is below the initial level but at or above the 85.00% Buffer Value of 5,873.32, investors earn the absolute value of the decline, up to $1,200 per Note.
If the final index level is below the Buffer Value, repayment of principal is reduced on a leveraged basis, with a Downside Leverage Factor of about 1.1765, and investors can lose up to 100% of principal. The Notes are unsecured, unsubordinated obligations subject to the Bank’s credit risk, are not insured by the CDIC or FDIC, are not bail-inable, and will not be listed on an exchange. The Bank’s initial estimated value is $980.48 per $1,000, below the issue price.
The Bank of Nova Scotia is offering one-year "Jump Securities" that are senior unsecured notes linked to the common stock of Amazon.com, Inc. These notes have a $1,000 stated principal amount, pay no coupons and provide a fixed upside payment of $266.10 per security (26.61%) if the final Amazon share price on the valuation date is greater than or equal to the initial share price.
If the final share price is below the initial share price, investors are exposed 1-for-1 to the decline and can lose up to their entire investment. The securities do not pay dividends or interest, are not principal protected, and will not be listed on any exchange, so liquidity may be limited. All payments depend on BNS’s credit, and the estimated value on the pricing date is expected to be between $953.14 and $983.14 per $1,000 security, less than the issue price due to fees, structuring costs and internal funding assumptions.
The Bank of Nova Scotia is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Dell Technologies Inc., maturing on December 31, 2026. Each Note has a $10 principal amount, with a minimum investment of 100 Notes.
The Notes pay a contingent coupon of 12.55% per annum (about $0.3138 per quarter) only if Dell’s closing share price on an observation date is at or above the coupon barrier of $70.19, which is 55.00% of the $127.62 initial level. The same level is used as the downside threshold of $70.19. If on any observation date before maturity Dell’s price is at or above the initial level, the Notes are automatically called and repay principal plus that period’s coupon.
If the Notes are not called and Dell’s final level is at or above the downside threshold, investors receive the $10 principal at maturity. If the final level is below the downside threshold, repayment is reduced one-for-one with Dell’s percentage decline, and investors can lose up to their entire investment. The Notes are senior unsecured debt of BNS, not listed on an exchange, have limited liquidity, and carry issuer credit risk. The initial estimated value is $9.44–$9.74 per $10 Note, below the issue price.
The Bank of Nova Scotia is offering “Jump Securities,” one-year, principal-at-risk structured notes linked to the common stock of Northrop Grumman Corporation (NOC). Each security has a stated principal amount of $1,000, pays no coupons and does not provide any protection of principal.
At maturity, if the final share price of NOC is greater than or equal to the initial share price, investors receive $1,000 plus a fixed upside payment of $190 per security, a capped positive return of 19.00%. If the final share price is below the initial share price, the payoff is $1,000 plus $1,000 times the underlying return, so losses match the stock’s decline on a 1:1 basis and can reach 100% of principal.
All payments depend on BNS’s ability to meet its obligations, and the securities are unsecured, unsubordinated debt. They will not be listed on any exchange, may have limited or no secondary market, and their initial estimated value (per $1,000) is expected to be between $949.80 and $979.80, reflecting selling, structuring and hedging costs.
The Bank of Nova Scotia is offering Capped Buffered Index‑Linked Notes tied to the worst performer of the Russell 2000® and S&P 500® indices, maturing around August 4, 2027. Each note has a $1,000 principal amount and pays no interest.
At maturity, if both indices finish above their initial levels, investors receive $1,000 plus 120% of the gain of the weaker index, capped by a maximum payment expected to be at least $1,267.50 per $1,000. If any index is at or below its initial level but both remain at or above 90% of their initial levels, investors earn 120% of the absolute decline of the weaker index, again subject to caps. If any index ends below 90% of its initial level, principal is reduced 1% for each 1% drop beyond the 10% buffer, with losses up to 90% of principal.
The notes are unsecured, unsubordinated obligations of BNS, not listed on an exchange, and their value is affected by the bank’s credit, fees, hedging, and limited liquidity. The initial estimated value is expected to be between $925 and $965 per $1,000, below the issue price.
The Bank of Nova Scotia is offering Capped Buffered Enhanced Participation Notes linked to the Russell 2000 Index, expected to mature on November 3, 2027. The notes pay no interest and all return comes at maturity from index performance between the expected trade date of January 29, 2026 and the valuation date of October 29, 2027.
If the index rises, investors receive 150% of the index’s price gain, but the payoff is capped at a maximum payment amount expected to be at least $1,192.50 per $1,000 of principal. If the index is flat or falls by up to 10%, investors receive their full principal back. If the index falls by more than 10%, losses begin one-for-one beyond that buffer and can reach up to 90% of principal.
The initial estimated value is expected to range from $925 to $965 per $1,000, below the 100% original issue price, reflecting internal funding and hedging costs, underwriting commissions up to 2.20%, and a structuring fee. The notes are unsecured senior obligations of The Bank of Nova Scotia, are not insured, and will not be listed on any exchange, so secondary market liquidity may be limited.
The Bank of Nova Scotia is offering principal-at-risk Jump Securities linked to the common stock of Micron Technology, Inc. with a scheduled maturity on or about January 8, 2027. Each security has a stated principal amount of $1,000 and pays no coupons.
If the final Micron share price on the valuation date is greater than or equal to the initial share price, investors receive $1,000 plus a fixed upside payment of $590.60 per security, capping the maximum positive return at 59.06%. If the final share price is below the initial share price, the payout is $1,000 plus $1,000 multiplied by the share return, producing a 1:1 downside that can reduce repayment to zero. The securities are senior unsecured obligations of Scotiabank, will not be listed on an exchange, have an initial estimated value between $955.79 and $985.79 per $1,000, and all payments depend on Scotiabank’s credit.
The Bank of Nova Scotia is offering $5,004,000 of Contingent Income Auto-Callable Securities due December 28, 2027, linked to the American depositary receipts of Taiwan Semiconductor Manufacturing Company Limited. Each $1,000 security can pay a quarterly contingent coupon of $26.60 (10.64% per annum) when the stock’s closing price on a determination date is at or above 60% of the initial share price of $293.28, a downside threshold of $175.968, with unpaid coupons potentially recovered later through a memory feature.
If on any non-final determination date the stock closes at or above 100% of the initial share price, the notes are automatically redeemed at $1,000 plus the relevant coupon and any unpaid coupons. If held to maturity and the final share price is below the downside threshold, repayment is reduced 1-to-1 with the stock’s decline, and investors can lose most or all of principal. The notes are senior unsecured obligations of BNS, are not insured, will not be listed, and their value and liquidity depend on market conditions and BNS’ creditworthiness.
The Bank of Nova Scotia is offering $10,027,470 of Trigger Autocallable GEARS, senior unsecured notes linked to an equally weighted basket of 31 large-cap equities. Each Security has a $10 principal amount and a 5-year term to December 27, 2030, unless called early.
The notes can be automatically called on December 30, 2026 if the basket level is at or above the autocall barrier of 100% of the initial basket level, paying a call price of $11.11 per Security, reflecting an 11.10% call return, with no further payments. If not called, and at maturity the basket is above the initial level, investors receive the principal plus the basket return multiplied by 1.46x upside gearing.
If the notes are not called and the final basket level is at or above the downside threshold of 75%, but at or below the initial level, principal is returned. If the final basket level is below the downside threshold, repayment is reduced one-for-one with the basket loss, and the entire principal can be lost. The notes pay no interest, are not insured, and all payments depend on BNS’s credit. The initial estimated value is $9.76 per $10 issue price.
The Bank of Nova Scotia is offering buffered contingent income auto-callable securities linked to Alphabet Inc. Class A stock. These principal-at-risk notes target a $12.40 contingent monthly coupon per $1,000 security (equivalent to 14.88% per annum) for each month the Alphabet share price is at or above the $251.272 downside threshold, set at 80% of the $314.09 initial share price. Missed coupons can be paid later under a memory feature if the threshold is subsequently met.
The notes can be auto-called on any observation date before maturity if Alphabet’s share price is at or above the $314.09 call threshold, returning principal plus the due coupon (and any unpaid coupons). If held to the January 4, 2027 maturity and the final price is below the downside threshold, repayment is reduced by 1.25% of principal for every 1% the stock is below the threshold, up to a total loss. Investors do not receive dividends or any upside beyond coupons, and all payments depend on Scotiabank’s credit.
The Bank of Nova Scotia is offering $12,000,000 of unsecured Autocallable Contingent Coupon Buffer Notes with Memory Coupon linked to Alphabet Inc. Class A common stock. Each Note has a $1,000 principal amount and an original issue price of 100%, while the initial estimated value on the trade date was $993.83 per $1,000.
The Notes can be automatically called on monthly observation dates if Alphabet’s share price is at or above the $314.35 initial value, returning principal plus a $11.90 contingent coupon and any unpaid coupons. If not called, coupons are paid only when the stock is at or above 80% of the initial value, and principal is protected down to that 80% buffer. Below the buffer at maturity, investors lose 1.25% of principal for each 1% decline beyond the 20% buffer and can lose their entire investment. The Notes are not insured, are subject to the Bank’s credit risk, and will not be listed on an exchange.
The Bank of Nova Scotia is issuing $8,009,000 of unsecured, unsubordinated capped notes linked to the shares of SPDR® Gold Shares, maturing on January 8, 2027. Each Note has a $1,000 principal amount and does not pay interest before maturity.
At maturity, if the ETF has risen, investors receive principal plus the positive return of the ETF, capped at a Maximum Return of 11.94%, for a maximum payment of $1,119.40 per $1,000 Note. If the Final Value equals the Initial Value, the payout is $1,000 per Note. If the ETF has fallen, the payout is reduced 1% for each 1% decline, but not below $950 per Note, so losses are limited to 5% of principal.
The Notes are subject to the credit risk of The Bank of Nova Scotia, will not be listed on an exchange, and may have limited or no secondary market. The Original Issue Price is $1,000 per Note, while the initial estimated value is $984.55, reflecting selling, structuring and hedging costs.
The Bank of Nova Scotia is offering senior unsecured structured notes linked to the Class A common stock of Alphabet Inc. The notes pay a contingent monthly coupon of $12.00 per $1,000 (equivalent to 14.40% per annum) for each determination date on which Alphabet’s closing price is at or above the downside threshold of $251.48, equal to 80% of the initial share price of $314.35. Missed coupons can be paid later under a memory feature if a future determination date meets the threshold.
The notes are auto-callable: if Alphabet closes at or above the call threshold of $314.35 (100% of the initial share price) on any monthly determination date before maturity, investors receive the $1,000 stated principal plus the applicable coupon and any unpaid coupons, and the notes terminate early. If held to maturity on December 31, 2026 and Alphabet’s final price is below the downside threshold, repayment is reduced by 1.25% of principal for every 1% Alphabet falls below the threshold, up to a total loss of principal.
The notes do not participate in any upside of Alphabet’s stock, pay no dividends, and will not be listed on an exchange. All payments depend on BNS’s credit. The estimated value on the pricing date is expected to be between $963.32 and $993.32 per $1,000 note, less than the issue price due to selling, structuring and hedging costs.
The Bank of Nova Scotia is offering $272,000 of unsecured Autocallable Contingent Coupon Notes with Memory Coupon linked to the common stock of Adobe, Johnson & Johnson and Merck. The notes pay a contingent coupon of $8.10 per $1,000 note (9.72% per annum) on specified observation dates only if the closing value of each stock is at or above 50% of its initial level.
The notes may be automatically called if, on any call observation date, each stock is at or above its initial value, in which case holders receive $1,000 per note plus due and unpaid contingent coupons. If not called and the worst-performing stock finishes below 50% of its initial value at maturity, repayment is reduced 1% for each 1% decline in that stock, up to a total loss of principal. The notes are senior unsecured obligations of the Bank, not insured by any deposit insurance scheme and will not be listed on an exchange.
The Bank of Nova Scotia is issuing $493,000 of unsecured Autocallable Contingent Coupon Notes due December 29, 2028, linked to the common stock of Oracle Corporation. Each Note has a $1,000 principal amount and was priced at 100% of principal, with proceeds to the bank of 98% after underwriting discounts.
The Notes can be automatically called on quarterly observation dates if Oracle’s closing price is at or above the Initial Value of $195.34, returning principal plus a contingent coupon. If not called, investors receive a 13.90% per annum contingent coupon (paid quarterly as $34.75 per Note) only when Oracle’s closing value is at or above the barrier of $97.67, equal to 50% of the Initial Value. At maturity, if the final value is below the barrier, the payoff is reduced one-for-one with Oracle’s decline, and investors can lose up to 100% of principal.
The Notes are senior unsecured obligations of The Bank of Nova Scotia, are subject to the bank’s credit risk, will not be listed on any exchange, and may have limited or no secondary market. The initial estimated value is $962.65 per $1,000, lower than the issue price due to selling, structuring and hedging costs.
The Bank of Nova Scotia is issuing $550,000 of Capped Buffered Return Notes linked to the S&P 500 Index, maturing on December 27, 2030. The notes are unsecured, unsubordinated debt obligations of the Bank and all payments depend on its credit.
Each $1,000 note offers upside linked to the S&P 500 price return: if the index rises, investors receive the positive performance, capped at a Maximum Return of 56.00% (maximum payment of $1,560 per $1,000). A 15% buffer protects against moderate declines; if the index finishes at or above 85% of its initial level, investors receive back $1,000. Below that buffer, principal is reduced 1% for each additional 1% decline, with up to an 85% loss of principal.
The notes pay no interest, are not insured by CDIC or FDIC, and will not be listed on any exchange, so liquidity may be limited. The initial estimated value is $939.36 per $1,000, below the 100% issue price, reflecting fees, hedging and the Bank’s internal funding rate. Underwriting commissions are 3.50% ($19,250), leaving proceeds to the Bank of $530,750.
The Bank of Nova Scotia is offering senior unsecured structured notes linked to the common stock of NIKE, Inc., maturing on December 31, 2026. These Buffered Contingent Income Auto-Callable Securities pay a contingent monthly coupon of $12.80 per $1,000 (equivalent to 15.36% per annum) for each determination date on which NIKE’s closing price is at or above the downside threshold price of $48.739, equal to 85% of the initial share price of $57.34. Missed coupons may be paid later under a “memory” feature if the threshold is met on a subsequent date.
The notes are auto-callable: if NIKE’s closing price on any non-final determination date is at or above the call threshold price of $57.34, they are redeemed early at par plus the relevant coupon and any unpaid coupons. At maturity, if the notes have not been called and NIKE is at or above the downside threshold, investors receive par plus the final and any unpaid coupons. If NIKE finishes below the downside threshold, repayment is based on a leveraged downside formula, with investors losing about 1.1765% of principal for every 1% NIKE falls below the threshold, up to a total loss of principal.
The securities do not guarantee principal, provide no participation in stock upside, pay no dividends, will not be listed, and all payments are subject to the credit risk of BNS. The estimated value on the pricing date is expected to be between $964.02 and $994.02 per $1,000 note, below the issue price.
The Bank of Nova Scotia is offering unsecured, unsubordinated Autocallable Contingent Coupon Buffer Notes with Memory Coupon linked to the Class A common stock of Alphabet Inc. The notes have a principal amount of $1,000 per note, a minimum investment of $10,000, and a scheduled maturity on December 30, 2026, unless automatically called earlier.
Investors may receive a $11.90 contingent coupon per note on each monthly Observation Date if Alphabet’s closing value is at or above 80% of the Initial Value, with unpaid coupons potentially paid later (“memory” feature). The notes are automatically called if Alphabet’s price on any Observation Date before maturity is at or above the Initial Value of $314.35, returning principal plus applicable coupons.
If the notes are not called and Alphabet’s Final Value is below the 80% buffer level of $251.48, repayment of principal is reduced at a 1.25x leveraged downside, and investors can lose up to 100% of principal. The notes are not listed, do not pay guaranteed interest, and all payments depend on the creditworthiness of The Bank of Nova Scotia. The initial estimated value is expected to be between $963.71 and $993.71 per $1,000 note.
The Bank of Nova Scotia is offering $1,960,000 in Autocallable Trigger Notes linked to the Nasdaq-100 Index and the Russell 2000 Index, maturing on December 23, 2027. The notes pay no interest and may be automatically called on December 21, 2026 if both indices are at or above their initial levels, in which case holders receive $1,150 per $1,000 note (a 15% call premium) on December 24, 2026.
If not called, at maturity investors get enhanced upside of 250% of the gain of the worst-performing index if both indices finish above their initial levels. If any index ends below its initial level but at or above 75% of it, only principal is returned. If any index closes below 75% of its initial level, repayment is reduced one-for-one with the loss in that index and up to the entire principal can be lost. The initial estimated value is $975.07 per $1,000, and the notes are unsecured obligations exposed to BNS credit risk with no stockholder rights or deposit insurance.
The Bank of Nova Scotia is offering $2,666,000 of Buffered Enhanced Participation Notes, due December 23, 2027, linked to the worst performer between the iShares MSCI EAFE ETF and the EURO STOXX 50 Index. The notes pay no interest and all return comes from the final cash payment at maturity.
For each $1,000 note, if both reference assets finish above their initial levels, investors receive $1,000 plus 158% of the gain of the worst-performing asset. If any asset is at or below its initial level but both are at least 90% of initial, investors receive only the $1,000 principal. If any asset finishes below 90% of its initial level, principal is reduced one-for-one beyond the 10% buffer, with up to 90% loss of principal possible. The notes are unsecured obligations of the bank, not listed on an exchange, and had an initial estimated value of $969.11 per $1,000, below the issue price due to fees, funding and hedging costs.
The Bank of Nova Scotia is issuing $7,475,000 of senior unsecured Contingent Income Auto-Callable Securities linked to the common stock of GE Vernova Inc. Each security has a $1,000 stated principal amount and an issue price of $1,000.
Investors may receive a contingent quarterly coupon of $43.125 per security (equivalent to 17.25% per annum) for any determination date on which GE Vernova’s closing price is at least 70% of the initial share price of $658.28. The notes are automatically called if the stock closes at or above the 100% call threshold of $658.28 on any non-final determination date, returning principal plus the due coupon(s).
If the notes are not called and the final share price is below 70% of the initial share price, repayment of principal is reduced 1-to-1 with the stock decline and can be zero, so investors can lose their entire investment. Payments depend on BNS’s credit, the securities are not listed, and the initial estimated value on the pricing date is $968.10 per $1,000.
The Bank of Nova Scotia is offering $11,370,000 of Contingent Income Auto-Callable Securities due December 22, 2028, linked to the American depositary receipts of Taiwan Semiconductor Manufacturing Company Limited. Each security has a $1,000 stated principal amount and can pay a contingent quarterly coupon of $33.70 per security (equivalent to 13.48% per annum) for any determination date when the ADR’s closing price is at or above 70% of the initial share price of $288.95.
The notes may be automatically called on any determination date before maturity if the closing price is at or above 100% of the initial share price, returning principal plus the applicable coupon and any unpaid coupons under the memory feature. If held to maturity and the final share price is at or above the 70% downside threshold of $202.265, investors receive principal plus due coupons; if it is below that level, repayment is reduced in line with the share performance and can be as low as zero.
The securities are senior unsecured debt of BNS, carry full principal-at-risk, do not pay dividends or participate in stock upside, and will not be listed on any exchange. The estimated value on the pricing date is $976.00 per $1,000, reflecting selling, structuring and hedging costs and the bank’s internal funding rate.
The Bank of Nova Scotia is offering $25,855,000 of Contingent Income Auto-Callable Securities due December 22, 2028, linked to the common stock of Netflix, Inc. These senior unsecured notes can pay a quarterly contingent coupon of $32.10 per $1,000 (12.84% per annum) for each determination date on which Netflix’s closing price is at or above 65% of the $94.39 initial share price.
If on any non-final determination date Netflix’s price is at or above 100% of the initial share price, the notes are automatically redeemed at $1,000 plus the applicable coupon, and no further payments are made. If the notes are not called and the final share price is at or above 65% of the initial share price, investors receive $1,000 plus the final coupon at maturity. If the final share price is below 65% of the initial level, repayment is reduced 1-for-1 with the share decline, and the maturity payment can be far below principal, down to zero. Investors do not receive dividends or any upside participation in Netflix stock, and all payments are subject to BNS credit risk. The estimated value on the pricing date is $969.10 per $1,000, below the issue price, reflecting fees and funding costs.
The Bank of Nova Scotia is offering $24,651,000 of Contingent Income Auto-Callable Securities due December 22, 2028, linked to Alphabet Inc. Class A common stock. Each security has a $1,000 stated principal amount and may pay a contingent quarterly coupon of $25.60 per security, equivalent to 10.24% per annum, when Alphabet’s closing price on a determination date is at or above 60% of the initial share price of $307.16, a downside threshold of $184.296.
If on any non-final determination date Alphabet’s price is at or above the call threshold of 100% of the initial share price, the notes are automatically redeemed at par plus that period’s coupon, and no further payments are made. If the notes are not called and the final share price is below the downside threshold, repayment of principal is reduced 1‑for‑1 with Alphabet’s decline from the initial share price, and the payment at maturity can be substantially less than 60% of principal, down to zero. The securities are senior unsecured obligations of BNS, are not listed, and carried an estimated value on the pricing date of $968.50 per $1,000, below the issue price due to selling, structuring and hedging costs.
The Bank of Nova Scotia is offering $21,652,000 of Contingent Income Auto-Callable Securities due December 22, 2028 linked to the common stock of GE Vernova Inc. These senior unsecured notes pay a contingent quarterly coupon of $28.375 per $1,000 (equivalent to 11.35% per annum) for any determination date on which the GE Vernova closing price is at or above the downside threshold of $329.14, or 50% of the $658.28 initial share price, with a “memory” feature that can catch up missed coupons.
If on any non-final determination date the stock is at or above the call threshold of $658.28, the notes are automatically redeemed at par plus the applicable coupon (and any unpaid coupons). If held to maturity and the final share price is below the downside threshold, investors receive the stated principal multiplied by the share performance factor, exposing them 1-to-1 to GE Vernova’s decline and potentially losing their entire investment. Investors do not participate in any stock upside beyond coupons and forgo dividends.
All payments depend on BNS’s credit; the notes are not insured or secured. The issue price is $1,000 per note, while the estimated value on the pricing date is $957.60, and the securities are not expected to be listed, with any secondary liquidity dependent on the dealer.
The Bank of Nova Scotia is offering $537,000 of Buffered Index‑Linked Notes tied to the S&P 500 Index, maturing March 24, 2027. The notes have a $1,000 denomination, no interest payments and are unsecured, unsubordinated obligations of the Bank. At maturity, investors receive upside equal to the S&P 500 price return up to a maximum payment of $1,120 per $1,000, capping gains at 12%.
If the index is flat or down by up to 10%, the payoff equals the absolute index return, giving positive returns on modest declines. Below a 10% decline, investors lose 1% of principal for each 1% drop beyond that buffer, with up to 90% of principal at risk. The notes do not pay dividends or include total return. The initial estimated value is $983.61 per $1,000, below the issue price, and underwriting commissions of 0.50% reduce net proceeds to $534,315.
The Bank of Nova Scotia is offering $224,000 of Digital Notes linked to the least performing of the Russell 2000 Index and the S&P 500 Index, maturing December 23, 2027. These unsecured senior notes pay no interest and at maturity return either the principal or a capped digital payoff.
For each $1,000 note, investors receive $1,107.50 if on the valuation date both indices are at or above their initial levels of 2,529.425 (Russell 2000) and 6,834.50 (S&P 500). If either index finishes below its initial level, the payout is limited to $1,000, so upside is capped while downside is limited to loss of time value and credit risk. The notes will not be listed, the initial estimated value is $976.64 per $1,000, and investors are exposed to the creditworthiness of The Bank of Nova Scotia and to limited liquidity and complex tax treatment.
The Bank of Nova Scotia is offering $7,151,000 of Autocallable Contingent Coupon Trigger Notes linked to NVIDIA Corporation common stock, maturing June 24, 2027. The notes are issued in $1,000 denominations at 100% of principal and pay a monthly contingent coupon of $9.209 per $1,000 (0.9209% per month, up to about 11.05% per year) only when NVIDIA’s closing price is at or above 53.00% of the initial price of $180.99 on an observation date.
Starting in June 2026, the notes are automatically called if NVIDIA closes at or above the $180.99 initial price on a call observation date, returning $1,000 plus the applicable coupon, with no further payments. If the notes are not called and the final price on June 21, 2027 is at least 53.00% of the initial price, investors receive $1,000 plus the final coupon.
If the final price is below 53.00% of the initial price, investors receive NVIDIA shares equal to $1,000 divided by $180.99 (or cash if less than one share), whose value will be under 53.00% of principal, meaning a substantial or total loss is possible. The notes are unsecured, unsubordinated obligations of The Bank of Nova Scotia, not insured, not listed on any exchange, and had an initial estimated value of $972.48 per $1,000, below the issue price.
The Bank of Nova Scotia is offering $57,000 of Capped Buffered Enhanced Participation Notes linked to the Russell 2000 Index, maturing September 23, 2027. Each note has a $1,000 principal amount and pays no interest. At maturity, if the index is above the initial level of 2,529.425, holders earn 150% of the index gain, but the payout is capped at $1,222.50 per $1,000.
If the index is flat or down by up to 10%, investors receive their $1,000 principal. If it falls by more than 10%, principal is reduced dollar‑for‑dollar beyond that buffer, with up to 90% loss possible. The notes are unsecured, unsubordinated obligations of the Bank, are not insured by any deposit insurer, and will not be listed on an exchange.
The initial estimated value is $972.32 per $1,000, below the issue price, reflecting internal funding and structuring costs. Underwriting commissions are 0.70%, so net proceeds to the Bank are $56,601 on the $57,000 aggregate principal amount.
The Bank of Nova Scotia is offering $545,000 of Capped Buffered Index-Linked Notes tied to the least performing of the Russell 2000 Index and S&P 500 Index, maturing on June 24, 2027. The notes pay no interest and are unsecured senior debt of the bank.
At maturity, investors receive $1,000 plus 120% of the least performing index’s gain if both indexes finish above their initial levels, capped at a maximum payment of $1,260 per $1,000. If any index is at or below its initial level but at least 90% of its initial level, investors earn 120% of the absolute decline, again on the least performing index.
If any index ends below 90% of its initial level, investors lose principal dollar-for-dollar beyond the 10% buffer and can lose up to 90% of principal. The initial estimated value is $969.22 per $1,000, below the issue price, reflecting fees, hedging costs, and the bank’s internal funding rate. Any payment depends entirely on the creditworthiness of The Bank of Nova Scotia.
The Bank of Nova Scotia is offering $19,766,000 of Trigger Autocallable Contingent Yield Notes linked to the least performing of the Russell 2000® Index, the S&P 500® Index and the EURO STOXX 50® Index, maturing January 2, 2036.
The Notes pay a contingent coupon at a 7.70% per annum rate only if, on each quarterly observation date, every index closes at or above its coupon barrier, set at 75.00% of its initial level. They can be automatically called after 12 months if all three indices are at or above their initial levels, in which case holders receive principal plus the applicable contingent coupon and the Notes terminate early.
If the Notes are not called and, on the final valuation date, each index is at or above its downside threshold (also 75.00% of its initial level), investors receive full principal back. If any index finishes below its downside threshold, the maturity payment is reduced based on the decline of the worst-performing index, and holders can lose some or all of their principal. The initial estimated value is $9.11 per $10 Note, and all payments are unsecured and subject to BNS credit risk.
The Bank of Nova Scotia is offering $6,760,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Microsoft Corporation. These senior unsecured notes pay a contingent coupon at a rate of 8.15% per annum only when Microsoft’s closing stock price on a monthly observation date is at or above the coupon barrier of $339.44, which is 70% of the initial level of $484.92. The notes are automatically called if, on any observation date after three months and before maturity, Microsoft closes at or above the initial level; in that case, investors receive $10 per note plus the applicable coupon and the investment ends early.
If the notes are not called and Microsoft’s final level on the December 22, 2027 valuation date is at or above the downside threshold of $339.44, investors receive full principal back at the December 28, 2027 maturity. If the final level is below the downside threshold, repayment is reduced dollar-for-dollar with Microsoft’s percentage decline, and investors can lose their entire principal. The notes will not be listed, have limited liquidity, pay no dividends, and all payments depend on BNS’s credit. The initial estimated value is $9.77 per $10 note, below the issue price.
The Bank of Nova Scotia is offering principal-at-risk, auto-callable structured notes linked to the common stock of Vertiv Holdings Co, maturing on or about December 31, 2029. These senior unsecured notes can pay a contingent quarterly coupon of $28.10 per $1,000 (11.24% per annum) for each observation date when Vertiv’s closing price is at or above 50% of the initial share price, with a “memory” feature that can make up missed coupons later if conditions are met.
The notes are automatically redeemed early if Vertiv’s price on a non-final determination date is at least 100% of the initial share price, returning principal plus the applicable coupon and any unpaid coupons. If held to maturity and the final share price is at or above the 50% downside threshold, investors receive principal plus all due coupons. If the final price is below the threshold, repayment is based on a leveraged downside: investors lose 2% of principal for every 1% Vertiv finishes below the threshold, up to a total loss of principal.
The securities do not pay dividends on Vertiv stock, will not be listed on any exchange, and all payments depend on BNS’s credit. The preliminary estimated value is $915.06–$945.06 per $1,000 note, below the issue price due to selling, structuring and hedging costs.
The Bank of Nova Scotia is offering contingent income auto-callable senior unsecured notes due on or about January 5, 2029, linked to the common stock of Shopify Inc. (SHOP). Each $1,000 security may pay a contingent quarterly coupon of $34.50 (equivalent to 13.80% per annum) per security, but only for determination dates when Shopify’s closing price is at least 50.00% of the initial share price, the downside threshold. Missed coupons can be paid later under a memory feature if the threshold is later met.
If on any non-final determination date Shopify’s price is at least 100.00% of the initial share price (the call threshold), the notes are automatically redeemed at par 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 is reduced 1‑for‑1 with Shopify’s decline from the initial share price, and the maturity payment may be less than 50% of principal or zero. Investors do not participate in any share price appreciation and forgo dividends.
The notes are senior unsecured debt of BNS, subject to BNS credit risk, not insured or bail‑inable, and will not be listed on an exchange. The estimated value on the pricing date is expected to be between $938.37 and $968.37 per $1,000, below the issue price, reflecting selling, structuring and hedging costs and BNS’s internal funding rate. The pricing date is expected on January 2, 2026 with settlement on January 7, 2026.
The Bank of Nova Scotia is offering principal-at-risk Contingent Income Auto-Callable Securities linked to the common stock of Palantir Technologies Inc. These roughly 3-year notes can pay a quarterly contingent coupon of $44.00 per $1,000 (equivalent to 17.60% per annum) for each determination date on which Palantir’s closing price is at least 50.00% of the initial share price, helped by a “memory” feature that can make up missed coupons later.
The notes are automatically called if Palantir’s price on a non-final determination date is at or above 100.00% of the initial share price, returning principal plus the applicable coupon(s). If the securities are not called and the final share price is below the 50% downside threshold, investors are exposed 1-to-1 to Palantir’s decline and can lose a significant portion or all of their principal. Investors do not receive dividends, do not participate in any stock upside, and all payments depend on BNS’s creditworthiness.
The Bank of Nova Scotia is offering senior unsecured Contingent Income Auto-Callable Securities due on or about January 5, 2029, linked to the common stock of Tesla, Inc. Each $1,000 security can pay a quarterly contingent coupon of $45.00 (equivalent to 18.00% per annum) if, on a determination date, Tesla’s closing price is at or above 60.00% of the initial share price, the downside threshold. Missed coupons may be paid later under a memory feature if the threshold is later met.
If, on any non-final determination date, Tesla’s price is at or above 100.00% of the initial share price, the call threshold, the notes are automatically redeemed at par plus the applicable coupon and any unpaid coupons. If held to maturity and Tesla’s final price is below the downside threshold, investors are exposed 1-to-1 to the share decline and can receive less than 60.00% of principal, down to zero. Investors do not participate in any upside of Tesla stock, receive no dividends, face limited liquidity, and are fully exposed to BNS credit risk.