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 Trigger Autocallable GEARS, senior unsecured notes linked to the common stock of Citigroup Inc. Each Security has a $10 principal amount, with a minimum investment of $1,000. The notes run for about three years and may be automatically called after roughly one year if Citi’s stock closes at or above the initial level on the observation date, in which case investors receive the call price equal to principal plus a 15.20% call return and no further payments.
If the notes are not called, at maturity investors receive $10 plus any positive stock performance multiplied by an upside gearing of 1.25–1.50. If Citi’s final stock level is at or above a downside threshold of 50% of the initial level, principal is repaid. If the final level falls below this threshold, repayment is reduced one-for-one with the loss in the stock, up to a total loss of principal. The notes pay no interest, offer no dividends or voting rights, are not listed, and all payments depend on BNS’s credit. The initial estimated value is expected to be between $9.28 and $9.58 per $10 note.
The Bank of Nova Scotia plans to issue Dual Directional Capped Buffered Notes linked to the S&P 500 Index, maturing on November 12, 2027. The notes pay no coupons and all payments occur at maturity, subject to the Bank’s credit risk.
If the index finishes at or above its initial level, the notes track the positive performance up to a Maximum Upside Return of at least 17.19% (set on the trade date). If the index finishes below the initial level but at or above 80% of it, the notes pay the absolute decline, up to $1,200 per $1,000 note. Below the 80% buffer, losses accelerate at 1.25% per 1% additional decline, potentially to zero.
Key terms include: expected trade date November 7, 2025 and settlement November 13, 2025; term of approximately 2 years; minimum investment $10,000 (denominations of $1,000). The initial estimated value is expected between $948.30 and $978.30 per $1,000. Placement agent fees are 1.50% per note, with proceeds to the issuer of 98.50%. The notes will not be listed on an exchange.
The Bank of Nova Scotia (BNS) priced Market Linked Securities—Auto-Callable with Contingent Downside Principal at Risk, linked to the lowest performer of the S&P 500, Russell 2000, and Dow Jones Industrial Average, under its Senior Note Program. The offering totals $7,889,000 at $1,000 face amount per security. The notes pay no interest and may be automatically called if, on any call date, the lowest-performing index is at or above its starting level, returning face value plus a fixed call premium.
Call premiums step up on a simple basis of approximately 10.15% per annum (e.g., 10.150% on November 5, 2026) up to 40.600% on October 31, 2029. If not called, maturity outcomes depend on the lowest-performing index: return face value if its ending level is at least the 75% threshold; otherwise, lose value 1-to-1 with the decline below the threshold, potentially to zero. The Bank’s estimated value is $946.38 per security. Per the pricing table, proceeds to BNS are $7,685,858.25 after an agent discount of $25.75 per security. The notes are senior unsecured obligations, subject to BNS credit risk, not listed on an exchange, and designed to be held to maturity.
The Bank of Nova Scotia (BNS) filed a 424(b)(2) pricing supplement for Series A equity-linked senior notes tied to the lowest performer of Boston Scientific (BSX), Salesforce (CRM) and Reddit (RDDT), maturing December 3, 2026. The notes pay no interest and are not principal protected.
At maturity, if the lowest-performing stock finishes at or above its 70% threshold, investors receive $1,000 face amount plus a contingent fixed return of 45% ($450). If it finishes below its threshold, repayment equals $1,000 plus $1,000 times that stock’s return, exposing investors to full downside beyond 30%.
Key terms: Face amount $1,000 per note; pricing date October 28, 2025; calculation day November 30, 2026. Starting prices: BSX $100.97 (threshold $70.679), CRM $254.26 ($177.982), RDDT $212.97 ($149.079). The Bank’s estimated value is $906.12 per note. Per-note economics: agent discount $23.25 and proceeds to issuer $976.75; aggregate offering $2,145,000. The notes are senior unsecured obligations of BNS, subject to BNS credit risk, will not be listed, and may have limited or no secondary market.
Bank of Nova Scotia filed a preliminary 424B2 pricing supplement for senior unsecured Market Linked Securities tied to the common stock of Oklo Inc. (OKLO), featuring an auto-call and contingent coupon with memory, maturing on November 20, 2026.
Each security has a $1,000 face amount and pays a monthly contingent coupon only if the stock closes at or above the coupon threshold, set at 50% of the starting price. The contingent coupon rate will be at least 32.00% per annum. From May 2026 to October 2026, the notes are automatically called if the stock closes at or above the starting price, returning face value plus the applicable coupon(s).
If not called, principal is repaid in full only if the final stock price is at or above the downside threshold (50% of the starting price); otherwise investors lose more than 50%, up to all principal. The Bank’s estimated value is $880.00–$900.55 per $1,000. Per-security economics: original offering price $1,000, agent discount $15.75, proceeds to issuer $984.25. The notes are not listed and are subject to the credit risk of BNS.
Bank of Nova Scotia (BNS) filed a preliminary 424(b)(2) pricing supplement for Autocallable Trigger Notes linked to the least performing of the Nasdaq‑100 and Russell 2000. The notes pay no interest and may be automatically called on the call observation date (expected November 27, 2026) if each index is at or above its initial level, returning $1,000 plus a call premium (expected to be at least 14.30%) per $1,000 note on the call payment date.
If not called, the maturity payout (expected December 1, 2027) depends on the least performing index: gains equal 250.00% of that index’s positive return; if any index is ≤ its initial level but each is ≥ 75.00% of its initial level, principal is returned; if any index is < 75.00% of its initial level, losses match the least performer’s decline, up to full loss of principal. The initial estimated value is expected between $900.00 and $930.00 per $1,000 note. Underwriting commissions are up to 0.80% with proceeds to BNS of at least 99.20%. The notes are unsecured obligations of BNS, not FDIC or CDIC insured, and will not be listed.
The Bank of Nova Scotia filed a preliminary 424(b)(2) pricing supplement for Capped Buffered Enhanced Participation Basket‑Linked Notes due December 10, 2026. The notes are tied to an equally weighted basket of AMD, Arm (ADS), NVIDIA, Palo Alto Networks, Snowflake, and Vertiv.
The payoff offers 200.00% participation in basket gains, capped at a maximum payment of $1,200.00 per $1,000 principal (equivalent to gains up to 10%). A 15.00% buffer protects principal only to that threshold; if the basket falls more than 15%, losses match the decline beyond the buffer, up to 85.00% of principal. The notes pay no interest, are unsecured and unsubordinated, and will not be listed. The initial estimated value is expected between $900.00 and $930.00 per $1,000. Underwriting commissions are up to 1.93%. Any payment is subject to the issuer’s creditworthiness.
The Bank of Nova Scotia filed a preliminary pricing supplement for unsecured Digital Notes linked to the EURO STOXX 50 Index. The notes pay no interest and the payment at maturity (expected about 24 to 27 months after trade date) depends on index performance.
If the final index level is at or above 85.00% of the initial level, holders receive the maximum payment amount, expected to be between $1,143.30 and $1,168.50 per $1,000. If the final level is below 85.00%, the payout declines with an accelerated downside: approximately 1.1765% loss for every 1% drop beyond the 15.00% threshold, up to a total loss of principal.
The initial estimated value is expected between $952.50 and $982.50 per $1,000, less than the original issue price due to internal funding and hedging costs. The notes are senior unsecured obligations of the Bank, not insured by CDIC/FDIC, will not be listed, and any payment is subject to the Bank’s creditworthiness. The table indicates 100.00% proceeds to the Bank and 0.00% underwriting commissions at issuance. A tax redemption feature may apply if tax law changes increase required additional amounts.
The Bank of Nova Scotia is offering Contingent Income Auto-Callable Securities linked to Tesla, Inc. (TSLA) under its Senior Note Program, Series A. The notes pay a contingent quarterly coupon of $40.90 per $1,000 (equivalent to 16.36% per annum) for each determination date on which Tesla’s closing price is at or above 50.00% of the initial share price (the downside threshold). If Tesla’s price on any non-final determination date is at or above 100.00% of the initial share price (the call threshold), the notes are automatically redeemed for $1,000 plus the applicable coupon. Pricing is expected on October 31, 2025, with maturity on or about November 3, 2028.
These are principal-at-risk unsecured obligations of BNS. If the final share price is below the downside threshold, repayment is reduced 1-for-1 with Tesla’s decline, and you could lose most or all principal. The issue price is $1,000 per note; fees total $22.50 per $1,000 (sales commission and structuring), implying $977.50 in proceeds to BNS per note. The estimated value on the pricing date is expected between $934.56 and $964.56. The securities will not be listed and all payments are subject to BNS credit risk.
Bank of Nova Scotia priced Market Linked Securities linked to Dell Technologies common stock under its Senior Note Program. These auto-callable, contingent coupon notes pay a 13.00% per annum coupon monthly, if and only if Dell’s stock closes on each calculation day at or above the coupon threshold price of $97.2335 (65% of the starting price). The notes may be automatically called on any monthly calculation day from April 2026 to September 2026 if Dell’s stock closes at or above the starting price of $149.59, returning face amount plus the final coupon.
If not called, at maturity on October 22, 2026 investors receive $1,000 only if the ending price is at or above the downside threshold of $97.2335; otherwise, repayment is $1,000 times the performance factor, resulting in losses greater than 35% and potentially total loss of principal. The Bank’s estimated value is $946.31 per $1,000. Per-security economics: offering price $1,000, agent discount $15.75, proceeds to issuer $984.25 (aggregate proceeds $207,676.75 on a $211,000 offering). Payments are subject to the credit risk of Bank of Nova Scotia; the notes are not listed and are not insured.
The Bank of Nova Scotia priced $5,306,000 Autocallable Contingent Coupon Trigger Notes linked to Charter Communications, Inc. common stock. The notes pay a $12.00 contingent coupon per $1,000 monthly if Charter’s closing price is at or above 58.00% of the $255.34 initial price on each observation date. The notes may be automatically called if, on any call observation date from April to October 2026, the stock closes at or above the initial price; if called, investors receive $1,000 plus the coupon for that date.
If not called, at maturity on November 19, 2026 investors receive $1,000 plus the final coupon if the final price is at or above the 58.00% trigger. If below the trigger, the payoff is $1,000 + ($1,000 × reference asset return), resulting in a 1% loss for each 1% decline from the initial price, up to total loss. The initial estimated value is $972.45 per $1,000. Underwriting/structuring total 2.15% ($114,079), with proceeds to the issuer of 97.85% ($5,191,921). The notes are unsecured obligations of BNS and will not be listed.
The Bank of Nova Scotia (BNS) is offering $6,139,000 of Trigger Performance Leveraged Upside Securities (Trigger PLUS) linked to an unequally weighted basket of five international equity indices, maturing on November 3, 2028. These senior unsecured notes pay no interest and return principal only under specific conditions: at maturity, if the final basket value is above the initial value, holders receive $1,000 plus 146.25% of the basket’s positive return; if the final value is at or below the initial value but at or above the 80% trigger level, holders receive $1,000; if below the trigger, repayment is reduced 1% for each 1% decline, up to total loss.
The basket weights are: EURO STOXX 50 40.00%; TOPIX 25.00%; FTSE 100 17.50%; Swiss Market Index 10.00%; S&P/ASX 200 7.50%. The issue price is $1,000 per note; estimated value on the pricing date is $953.50 per $1,000. Commissions and fees total $30 per $1,000 ($25 sales commission and $5 structuring fee), resulting in $5,954,830 in proceeds to BNS. The notes are not listed, provide no dividends or coupons, and all payments are subject to BNS credit risk.
The Bank of Nova Scotia is offering unsecured, unsubordinated Autocallable Notes linked to the Russell 2000 Index under a 424(b)(2) pricing supplement. The notes pay no interest, may be automatically called if the index closes at or above the initial level on designated observation dates (first expected ~12–14 months after trade, second ~26 months), and otherwise mature after ~39 months.
If called, holders receive $1,000 plus an applicable call premium. If held to maturity and the index is at or above the initial level, holders receive a maximum payment amount expected between $1,333.60 and $1,391.20 per $1,000. If the final level is below the initial level, repayment is reduced one-for-one with the index decline, down to a total loss of principal. Payments are subject to the issuer’s credit.
The initial estimated value is expected between $918.80 and $948.80 per $1,000, reflecting internal funding and hedging. Per-note economics list underwriting commissions of 3.32% and proceeds to the issuer of 96.68%. The notes will not be listed, offer price return only (no dividends), and proceeds are for general corporate purposes. They are not insured by the CDIC or FDIC.
The Bank of Nova Scotia is offering $22,015,000 of Digital Notes linked to the VanEck Gold Miners ETF (GDX), maturing on November 18, 2026. The notes pay no interest and the payout at maturity depends on GDX’s price on the November 16, 2026 valuation date versus the initial price of $84.44.
If the final price is at least 80% of the initial price, each $1,000 note returns the maximum payment amount of $1,146. If the final price is below 80%, the payoff declines by 1.25% for every 1% drop beyond that threshold, which can result in the loss of up to all principal. Terms include a threshold price at 80%, a buffer rate of 125%, and a cap at $1,146 per $1,000.
The initial estimated value is $986.19 per $1,000. Underwriting commissions are 0.81% ($178,321.50), with proceeds to the issuer of $21,836,678.50. The notes are unsecured, unsubordinated obligations of the Bank and will not be listed; any payment is subject to the Bank’s creditworthiness.
The Bank of Nova Scotia is offering $9,661,000 of Buffered Performance Leveraged Upside Securities linked to the EURO STOXX 50 Index, maturing on May 3, 2028. These notes pay no interest and return depends on the index at maturity.
If the final index value is above the initial value, holders receive $1,000 plus 200% of the index gain, capped at a maximum payment of $1,283 per note (28.30% max gain). If the index is flat to down by up to 15%, repayment is $1,000. Below that buffer, investors lose 1% of principal for each 1% decline beyond 15%, with a minimum payment of $150.
The initial index value was 5,652.01 on October 16, 2025. The notes will not be listed, and all payments are subject to BNS credit risk. The estimated value on pricing date is $959.80 per $1,000. Fees total $30.00 per note ($25 sales commission and $5 structuring fee), with proceeds to issuer of $9,371,170.
The Bank of Nova Scotia announced preliminary terms for senior unsecured, equity‑linked, auto‑callable notes due October 27, 2028, tied to the lowest performing of Intel, Meta Platforms, and Micron common stocks. The notes pay a monthly contingent coupon at a rate of at least 22.50% per annum if the lowest stock on each calculation day closes at or above its coupon threshold (60% of its starting price), with a memory feature for unpaid coupons.
The notes may be automatically called on monthly dates from April 2026 to September 2028 if the lowest stock is at or above its starting price, returning face amount plus the final and any previously unpaid coupons. If not called, at maturity investors receive $1,000 only if the lowest stock is at or above its downside threshold (60% of starting). Otherwise, repayment equals $1,000 times its performance factor, risking losses of more than 40% up to total loss.
The estimated value is $880.00–$894.18 per $1,000 note. Offering economics per note: $1,000 price, $23.25 agent discount, and $976.75 proceeds to the issuer. The notes are not listed and are subject to BNS credit risk.
The Bank of Nova Scotia launched a preliminary 424(b)(2) pricing supplement for senior unsecured market‑linked, auto‑callable notes tied to the lowest performing of Ares Management (ARES), KKR (KKR) and Blue Owl Capital (OWL), maturing on November 2, 2028.
The notes pay a contingent monthly coupon only if the lowest performer is at or above its coupon threshold (60% of starting price). Missed coupons feature a memory and are paid if a later month meets the threshold. From January 2026 to September 2028, the notes are automatically called if the lowest performer is at or above its starting price, returning face value plus the due coupon(s).
If not called, principal is returned at maturity only if the lowest performer is at or above its downside threshold (60% of starting price). Otherwise, repayment falls in line with the worst stock’s performance, with investors potentially losing more than 40%—up to all of face value. The contingent coupon rate will be set on pricing and will be at least 22.00% per annum.
Per security economics: $1,000 original offering price; $23.25 agent discount; $976.75 proceeds to the issuer. Estimated value: $927.86–$957.86 per security. The notes are senior unsecured, subject to BNS credit risk, not listed, and intended to be held to maturity.
The Bank of Nova Scotia (BNS) filed a 424B2 preliminary pricing supplement for Trigger Autocallable GEARS linked to an equally weighted basket of 20 equities, due on or about October 31, 2030. The notes are issued at $10 per Security (minimum $1,000), carry no interest, and are subject to BNS credit risk.
The structure features a 9.00% call return if the basket on the November 5, 2026 observation date is at or above the 100% autocall barrier (initial basket level set to 100). If not called, positive basket returns at maturity are multiplied by 1.35–1.48 upside gearing. Principal is repaid at maturity only if the final basket level is at or above the 75% downside threshold; otherwise losses match the basket’s negative return, up to total loss.
Key terms include trade date October 29, 2025 and settlement October 31, 2025. The initial estimated value is $9.35–$9.74 per $10. Securities will not be listed. Underwriting discount is $0.25 per Security, with issuer proceeds of $9.75 per Security.
The Bank of Nova Scotia priced $3,283,000 of Autocallable Contingent Coupon Notes due October 19, 2028, linked to Tesla, Inc. common stock. These unsecured, unsubordinated notes may be automatically called if Tesla’s closing value on any call observation date is at or above the Initial Value of $429.24.
If not called, the notes pay a contingent coupon of $41.50 per $1,000 (16.60% per annum) on scheduled dates only when Tesla’s closing value is at or above the Contingent Coupon Barrier of $214.62 (50% of the Initial Value). At maturity, if the Final Value is at or above the Barrier Value of $214.62, holders receive principal (plus any due coupon). If below the barrier, repayment is reduced 1-for-1 with Tesla’s decline, up to a total loss of principal.
The initial estimated value is $960.43 per $1,000, below the issue price, reflecting internal funding and distribution costs. Underwriting commissions total 2.00% ($65,660), with proceeds to the issuer of $3,217,340. The notes are not listed, all payments depend on the Bank’s credit, and investors have no rights in Tesla shares.
The Bank of Nova Scotia priced a $1,480,000 424(b)(2) offering of Autocallable Contingent Coupon Notes due October 19, 2028, linked to Netflix, Inc. common stock. The Notes are unsecured and unsubordinated obligations of the Bank and all payments are subject to its credit risk.
The Notes may be automatically called if the Netflix closing value on any call observation date is at or above the Initial Value of $1,215.35. If not called, a $29.00 per Note contingent coupon (11.60% per annum) is paid on observation dates only when the stock closes at or above the Contingent Coupon Barrier of $850.75 (70% of the Initial Value). At maturity, if not called: principal is returned when the Final Value is at or above the Barrier of $850.75; otherwise the loss matches the stock’s decline from the Initial Value, up to 100%.
The initial estimated value is $964.91 per $1,000 principal. Underwriting commissions are 2.00% ($20 per Note), with issuer proceeds of 98.00% ($1,450,400). Trade Date: October 14, 2025; Issue Date: October 17, 2025 (T+3). Minimum investment is $1,000. The Notes are not listed and are not insured by CDIC or FDIC.
The Bank of Nova Scotia is offering $14,141,000 of Contingent Income Auto-Callable Securities linked to NVIDIA common stock under its Senior Note Program, Series A. The notes pay a $30.70 quarterly contingent coupon (12.28% p.a.) per $1,000 security when the closing price is at or above the 60.00% downside threshold.
The notes may auto-call on any determination date if NVDA closes at or above the $183.16 call threshold (100% of the initial share price). If held to maturity on October 13, 2028 and NVDA is below the threshold, repayment is reduced 1-to-1 with the decline and can be zero. Issue price is $1,000 per security; the estimated value at pricing is $966.20. The securities are principal at risk, unsecured, subject to BNS credit risk, include a “memory” coupon feature, and will not be listed.
Total fees are $318,172.50, with expected proceeds to BNS of $13,822,827.50. Key levels: initial share price $183.16; downside threshold $109.896 (60%).
The Bank of Nova Scotia is offering 1,232,311 units of Autocallable Strategic Accelerated Redemption Securities linked to the S&P 500 Index at a $10 principal amount per unit, for a total public offering price of $12,323,110. These senior unsecured notes are subject to BNS credit risk, with pricing on October 9, 2025, settlement on October 17, 2025, and maturity on October 31, 2031.
The notes are automatically called if the Index on an Observation Date is at or above the Starting Value/Call Level of 6,735.11, paying per unit: $10.784 (year 1), $11.568 (year 2), $12.352 (year 3), $13.136 (year 4), $13.920 (year 5), or $14.704 (final Observation Date). If not called, repayment at maturity provides 1‑to‑1 downside exposure below the Threshold Value, which equals the Starting Value, putting up to 100% of principal at risk. The notes pay no periodic interest and have limited secondary market liquidity with no exchange listing.
The initial estimated value is $9.65 per unit. The underwriting discount is $0.20 per unit and a hedging-related charge is $0.05 per unit, resulting in proceeds to BNS of $9.80 per unit or $12,076,647.80 before expenses. BofA Securities is calculation agent; distribution is via BofA Securities and MLPF&S; minimum purchase is 100 units.
The Bank of Nova Scotia launched a preliminary 424(b)(2) pricing supplement for Capped Buffered Enhanced Participation Basket‑Linked Notes due November 27, 2026. The notes are tied to an equally weighted basket of six stocks: Amazon, Coinbase, CrowdStrike, CoreWeave, IonQ, and NVIDIA. They pay no interest and all payments depend on the Bank’s credit.
At maturity, holders receive leveraged upside at a 200.00% participation rate, capped at $1,237.50 per $1,000 in principal. A 15.00% downside buffer protects principal only if the basket decline is within that threshold; below it, losses match the basket’s drop beyond the buffer, up to an 85.00% maximum loss. The initial basket level is set to 100; performance is measured from the expected trade date of October 22, 2025 to the expected valuation date of November 23, 2026.
The initial estimated value is expected between $900.00 and $930.00 per $1,000, reflecting selling and structuring costs. Underwriting commissions are listed as up to 1.93%, with proceeds to the issuer of at least 98.07%. The notes are unsecured, unsubordinated, not listed, and not insured by CDIC or FDIC.
Bank of Nova Scotia (BNS) priced an SEC-registered primary offering of 4,290,520 Autocallable Strategic Accelerated Redemption Securities linked to the S&P 500 Index at $10 per unit. Gross proceeds are $42,905,200, less a $0.20 per‑unit underwriting discount and a $0.05 hedging-related charge, with proceeds to BNS of $9.80 per unit ($42,047,096) before expenses. These unsecured senior notes pay no periodic interest and are subject to BNS credit risk.
The notes may be automatically called if the Index on an Observation Date is at or above the Starting Value of 6,735.11. If called, the per‑unit payment is $10.88 on the first Observation Date, $11.76 on the second, or $12.64 on the final Observation Date. If not called, the term runs to October 27, 2028, with 1‑to‑1 downside exposure below the Threshold Value, which equals the Starting Value.
The initial estimated value is $9.68 per unit, below the $10 public offering price, reflecting BNS’s internal funding rate, underwriting discount, and hedging costs. The notes are not insured by the FDIC or CDIC and will not be listed; secondary market liquidity is expected to be limited.
The Bank of Nova Scotia is offering $4,888,250 of Trigger Autocallable Notes linked to the Russell 2000 Index, due October 15, 2030.
The Notes pay no coupons and may be automatically called on quarterly observation dates (callable after 12 months) if the index closing level is at or above the call threshold, set at the initial level of 2,394.595. If called, investors receive the principal plus a call return based on an 8.85% per annum call return rate. If not called, repayment of principal at maturity occurs only if the final index level is at or above the downside threshold of 1,795.946 (75.00% of the initial level); otherwise, the payoff declines one-for-one with the index loss, which can result in a total loss.
The offering is priced at $10 per Note (minimum 100 Notes). The initial estimated value is $9.60 per $10 Note. Underwriting discount is $0.25 per Note, with proceeds to the issuer of $9.75 per Note ($4,766,043.75 total). The Notes will not be listed and are subject to the credit of BNS. They are not insured by the FDIC or CDIC and are not bail-inable under the CDIC Act.
The Bank of Nova Scotia launched a $9,216,000 offering of Trigger Autocallable Contingent Yield Notes with Memory Interest linked to Dell Technologies Inc. common stock, due October 13, 2028. Each Note is $10 and pays a 10.69% per annum contingent coupon on quarterly observation dates if Dell’s closing level is at or above the coupon barrier.
The Notes auto-call if Dell’s closing level on any observation date is at or above the initial level of $150.57, returning principal plus the coupon and any unpaid “memory” coupons. If not called, principal is repaid at maturity only if the final level is at or above the downside threshold of $75.29 (50% of initial); otherwise, repayment is reduced one-for-one with Dell’s decline, potentially to zero.
The initial estimated value is $9.54 per $10 Note, below the issue price. Underwriting discount is $0.225 per Note, with proceeds to BNS of $9,008,640. Observation dates are quarterly from January 2026 through October 2028. Payments are subject to BNS credit risk, and the Notes will not be listed.
The Bank of Nova Scotia is offering Autocallable Strategic Accelerated Redemption Securities linked to the S&P 500 Index. The deal covers 864,647 units at $10 per unit, for a public offering size of $8,646,470. Proceeds to BNS are listed at $9.80 per unit, or $8,473,540.60 before expenses. The notes price on October 9, 2025, settle October 17, 2025, and mature October 31, 2031, unless called earlier.
The notes may be automatically called if the Index on an observation date is at or above the Starting Value of 6,735.11, paying preset call amounts from $10.661 in year one up to $13.966 in year six. If not called, holders receive principal at maturity if the Index is at or above the Threshold Value of 5,724.84 (85% of Start); below that, losses are 1‑for‑1 beyond a 15% decline, placing up to 85% of principal at risk. The initial estimated value is $9.63 per unit. Payments depend on BNS credit; there are no periodic interest payments and no exchange listing.
The Bank of Nova Scotia (BNS) filed a preliminary 424(b)(2) pricing supplement for Contingent Income Auto‑Callable Securities linked to Tesla, Inc. common stock. Each $1,000 security offers a $36.50 contingent quarterly coupon (equivalent to 14.60% per annum) if Tesla’s closing price on the determination date is at or above 50.00% of the initial share price (the downside threshold). The notes may be auto‑called if Tesla’s price is at least 100.00% of the initial share price on any non‑final determination date, paying principal plus the applicable coupon(s).
Maturity is on or about October 22, 2026. If not called and the final share price is below the 50.00% threshold, holders receive Tesla shares based on the exchange ratio = $1,000 ÷ initial share price (cash for any fractional share). The securities are senior unsecured obligations of BNS, not listed, and carry issuer credit risk. The estimated value on the pricing date is expected to be $942.50–$972.50 per $1,000. Per‑security costs include a $12.50 sales commission and a $5.00 structuring fee.
The Bank of Nova Scotia is offering Dual Directional Buffered PLUS linked to the Russell 2000 Index, due on or about November 3, 2027. These principal-at-risk notes pay no interest and repay based on index performance with defined leverage, cap, and buffer features.
Upside is enhanced by a 150% leverage factor when the final index value exceeds the initial value, but returns are capped at a maximum gain of 17.56%, for a maximum payment of $1,175.60 per $1,000 note. If the index declines by up to the 15.00% buffer, investors receive a positive, unleveraged return equal to the absolute decline (up to 15.00%). Below the buffer, losses match the decline in excess of 15%, down to a minimum payment of $150.00.
The issue price is $1,000 per note; per-note fees total $25.00 ($20.00 sales commission and $5.00 structuring fee), for proceeds to issuer of $975.00. The estimated value on the pricing date is expected between $936.20 and $966.20. The notes will not be listed and all payments are subject to the credit risk of BNS.
Bank of Nova Scotia is offering US$1,000,000,000 principal amount of NVCC subordinated notes maturing October 27, 2085. Interest accrues at 6.875% per annum from the Issue Date (October 8, 2025) until October 27, 2035, and thereafter resets each five years to the then-prevailing U.S. Treasury Rate plus 2.734%, as determined by the Calculation Agent. Interest is payable quarterly on January 27, April 27, July 27 and October 27, commencing January 27, 2026.
The notes feature a limited recourse structure: corresponding AT1 Notes (issued to a Limited Recourse Trust) back the notes and equal in principal to notes outstanding. If certain Recourse Events occur (including Failed Coupon/Principal Payment Dates or Trigger Events), noteholders’ sole remedy is delivery of their proportionate share of Corresponding Trust Assets, which may be AT1 Notes or Common Shares upon NVCC Automatic Conversion. The AT1 Notes are deeply subordinated, interest on AT1 Notes may be cancelled and the notes are not deposit-insured.
Bank of Nova Scotia is offering US-dollar denominated Non-Viability Contingent Capital (NVCC) subordinated notes (the "Notes") that mature in 2085 and have an Issue Date in 2025. Interest accrues at an initial fixed rate through 2035 and then resets every five years to a rate equal to the then-prevailing U.S. Treasury Rate plus a spread as determined by the Calculation Agent. Interest is payable quarterly beginning in 2026. The Notes are limited-recourse: upon certain Recourse Events (including Failed Coupon/Failed Principal Payment Dates, non-payment of the Redemption Price, an event of default or a Trigger Event) Noteholders' sole remedy is delivery of their proportionate share of Corresponding Trust Assets held in a Limited Recourse Trust (typically AT1 Notes or cash redemption proceeds).
The AT1 Notes serving as Corresponding Trust Assets are subordinated instruments that may be converted into Common Shares upon a Trigger Event (NVCC Automatic Conversion). AT1 interest may be cancelled at the Bank's discretion when AT1 Notes are not held by the Limited Recourse Trust, and AT1 Notes rank subordinate to Higher Ranked Indebtedness but ahead of Common and preferred shares in insolvency. The Bank may redeem Notes or AT1 Notes following certain Regulatory or Tax Events with Superintendent approval. The Notes are not deposit-insured. The prospectus discloses specific aggregate US-dollar amounts for fees/expenses and a total of US$6,825,996 in the identified schedule.