[FWP] Bank of Nova Scotia Free Writing Prospectus
The Bank of Nova Scotia (BNS) is marketing a new Series A Equity-Linked Security (senior, unsecured notes) that references the common stock of NVIDIA Corporation (NVDA). Each security has a $1,000 face amount, is expected to price on 18 July 2025 and settle on 23 July 2025.
Income profile: Investors are eligible for a monthly contingent coupon of at least 13.65% per annum (paid three business days after each calculation day) but only when NVDA’s closing price on the relevant calculation day is at or above the Coupon Threshold = 65 % of the starting price. Missed coupons are not recoverable.
Automatic call: Beginning with the sixth calculation day (January 2026) and extending through June 2026, the notes will be automatically redeemed at par plus the final coupon if NVDA’s closing price on any calculation day equals or exceeds the starting price.
Maturity payoff: If not called, the notes mature on 23 July 2026. • If the ending price ≥ Downside Threshold (65 % of starting price), holders receive par. • Otherwise, repayment equals par × (ending price / starting price), exposing investors to full downside below the 35 % buffer, with maximum loss of 100 %.
Estimated value: If priced today, BNS estimates the fair value at $943.11–$973.11 per $1,000, implying an initial issuer/dealer discount of up to 5.7 %. Scotia Capital Inc. is calculation agent; Scotia Capital (USA) Inc. and Wells Fargo Securities will act as agents, with combined selling concessions and fees of up to 2.9 %.
Key risks disclosed include: potential loss of principal, non-fixed interest, credit risk of BNS, liquidity constraints, single-stock concentration, reinvestment risk on early call, and uncertain tax treatment. The securities are not FDIC-insured.
The term sheet is only a summary; investors should review the full preliminary pricing supplement, product supplement, prospectus supplement and base prospectus filed under SEC Registration No. 333-282565.
La Bank of Nova Scotia (BNS) sta promuovendo una nuova Serie A di Titoli Equity-Linked (note senior, non garantite) che fanno riferimento alle azioni ordinarie di NVIDIA Corporation (NVDA). Ogni titolo ha un valore nominale di 1.000 $, con prezzo previsto per il 18 luglio 2025 e regolamento il 23 luglio 2025.
Profilo di rendimento: Gli investitori hanno diritto a un coupon condizionato minimo del 13,65% annuo pagato mensilmente (tre giorni lavorativi dopo ogni giorno di calcolo), solo se il prezzo di chiusura di NVDA nel giorno di calcolo è pari o superiore alla soglia del coupon = 65% del prezzo iniziale. I coupon non pagati non sono recuperabili.
Richiamo automatico: A partire dal sesto giorno di calcolo (gennaio 2026) fino a giugno 2026, le note saranno rimborsate automaticamente al valore nominale più l’ultimo coupon se il prezzo di chiusura di NVDA in qualsiasi giorno di calcolo è pari o superiore al prezzo iniziale.
Rimborso a scadenza: Se non richiamate, le note scadono il 23 luglio 2026. • Se il prezzo finale è ≥ soglia di ribasso (65% del prezzo iniziale), gli investitori ricevono il valore nominale. • In caso contrario, il rimborso sarà pari al valore nominale × (prezzo finale / prezzo iniziale), esponendo gli investitori a perdite totali oltre il buffer del 35%, con una perdita massima del 100%.
Valore stimato: Se quotate oggi, BNS stima un valore equo tra 943,11 $ e 973,11 $ per ogni 1.000 $, implicando uno sconto iniziale massimo del 5,7% per emittente/intermediario. Scotia Capital Inc. è l’agente di calcolo; Scotia Capital (USA) Inc. e Wells Fargo Securities agiranno come agenti, con commissioni e sconti combinati fino al 2,9%.
Principali rischi comunicati includono: possibile perdita del capitale, interesse non fisso, rischio di credito di BNS, limitazioni di liquidità, concentrazione su singolo titolo, rischio di reinvestimento in caso di richiamo anticipato e trattamento fiscale incerto. I titoli non sono assicurati FDIC.
Il foglio informativo è solo un riassunto; gli investitori dovrebbero consultare il supplemento preliminare di prezzo, il supplemento prodotto, il supplemento al prospetto e il prospetto base depositati presso la SEC con numero di registrazione 333-282565.
El Banco de Nueva Escocia (BNS) está comercializando una nueva Serie A de valores vinculados a acciones (notas senior, no garantizadas) que hacen referencia a las acciones ordinarias de NVIDIA Corporation (NVDA). Cada valor tiene un valor nominal de 1.000 $, con precio esperado para el 18 de julio de 2025 y liquidación el 23 de julio de 2025.
Perfil de ingresos: Los inversores son elegibles para un cupón contingente mensual de al menos 13,65% anual (pagado tres días hábiles después de cada día de cálculo), solo cuando el precio de cierre de NVDA en el día de cálculo relevante sea igual o superior al umbral del cupón = 65% del precio inicial. Los cupones no pagados no son recuperables.
Llamado automático: A partir del sexto día de cálculo (enero de 2026) y hasta junio de 2026, las notas serán redimidas automáticamente al valor nominal más el cupón final si el precio de cierre de NVDA en cualquier día de cálculo es igual o superior al precio inicial.
Pago al vencimiento: Si no se llaman, las notas vencen el 23 de julio de 2026. • Si el precio final ≥ umbral de caída (65% del precio inicial), los tenedores reciben el valor nominal. • De lo contrario, el reembolso será igual al valor nominal × (precio final / precio inicial), exponiendo a los inversores a la pérdida total por debajo del margen del 35%, con una pérdida máxima del 100%.
Valor estimado: Si se valoran hoy, BNS estima un valor justo entre 943,11 $ y 973,11 $ por cada 1.000 $, implicando un descuento inicial para el emisor/distribuidor de hasta el 5,7%. Scotia Capital Inc. es el agente de cálculo; Scotia Capital (USA) Inc. y Wells Fargo Securities actuarán como agentes, con concesiones y comisiones combinadas de hasta el 2,9%.
Riesgos clave divulgados incluyen: posible pérdida de capital, interés no fijo, riesgo crediticio de BNS, limitaciones de liquidez, concentración en una sola acción, riesgo de reinversión en llamada anticipada y tratamiento fiscal incierto. Los valores no están asegurados por la FDIC.
La hoja de términos es solo un resumen; los inversores deben revisar el suplemento preliminar de precios completo, el suplemento de producto, el suplemento de prospecto y el prospecto base presentados ante la SEC con el número de registro 333-282565.
노바스코샤 은행(BNS)은 NVIDIA Corporation (NVDA) 보통주를 참조하는 새로운 시리즈 A 지분 연계 증권(선순위 무담보 채권)을 마케팅하고 있습니다. 각 증권은 액면가 1,000달러이며, 2025년 7월 18일에 가격이 책정되고 2025년 7월 23일에 결제될 예정입니다.
수익 프로필: 투자자는 매월 최소 연 13.65%의 조건부 쿠폰을 받을 자격이 있으며(각 계산일로부터 3영업일 후 지급), NVDA의 해당 계산일 종가가 쿠폰 기준선 = 시작 가격의 65% 이상일 때만 지급됩니다. 미지급 쿠폰은 회복되지 않습니다.
자동 상환: 6번째 계산일(2026년 1월)부터 2026년 6월까지, NVDA의 종가가 어느 계산일에든 시작 가격 이상일 경우, 해당 노트는 액면가와 최종 쿠폰을 포함하여 자동으로 상환됩니다.
만기 상환: 상환되지 않은 경우, 노트는 2026년 7월 23일에 만기됩니다. • 만기 시 가격이 하락 기준선(시작 가격의 65%) 이상이면 투자자는 액면가를 받습니다. • 그렇지 않으면 상환금은 액면가 × (만기 가격 / 시작 가격)으로, 35% 버퍼 이하에서는 전액 손실 위험이 있으며 최대 손실은 100%입니다.
추정 가치: 오늘 가격이 책정된다면, BNS는 1,000달러당 943.11~973.11달러의 공정 가치를 추정하며, 이는 최대 5.7%의 초기 발행자/딜러 할인율을 의미합니다. Scotia Capital Inc.가 계산 대행사이며, Scotia Capital (USA) Inc.와 Wells Fargo Securities가 대행사로 활동하며, 총 판매 수수료와 수수료는 최대 2.9%입니다.
주요 위험 공시에는 원금 손실 가능성, 고정되지 않은 이자, BNS의 신용 위험, 유동성 제약, 단일 주식 집중, 조기 상환 시 재투자 위험, 불확실한 세금 처리 등이 포함됩니다. 이 증권은 FDIC 보험 대상이 아닙니다.
용어 시트는 요약본일 뿐이며, 투자자는 SEC 등록번호 333-282565로 제출된 전체 예비 가격 보충서, 제품 보충서, 설명서 보충서 및 기본 설명서를 검토해야 합니다.
La Banque de Nouvelle-Écosse (BNS) commercialise une nouvelle Série A de titres liés à des actions (obligations senior non garanties) qui référencent les actions ordinaires de NVIDIA Corporation (NVDA). Chaque titre a une valeur nominale de 1 000 $, devrait être prix le 18 juillet 2025 et réglé le 23 juillet 2025.
Profil de revenu : Les investisseurs ont droit à un coupon conditionnel d'au moins 13,65 % par an versé mensuellement (trois jours ouvrables après chaque jour de calcul), uniquement lorsque le cours de clôture de NVDA au jour de calcul pertinent est égal ou supérieur au seuil du coupon = 65 % du prix de départ. Les coupons manqués ne sont pas récupérables.
Rappel automatique : À partir du sixième jour de calcul (janvier 2026) et jusqu'en juin 2026, les notes seront automatiquement remboursées à leur valeur nominale plus le coupon final si le cours de clôture de NVDA à un jour de calcul est égal ou supérieur au prix de départ.
Remboursement à l'échéance : Si elles ne sont pas rappelées, les notes arrivent à échéance le 23 juillet 2026. • Si le prix final ≥ seuil de baisse (65 % du prix de départ), les détenteurs reçoivent la valeur nominale. • Sinon, le remboursement est égal à la valeur nominale × (prix final / prix de départ), exposant les investisseurs à une perte totale en dessous de la marge de 35 %, avec une perte maximale de 100 %.
Valeur estimée : Si elles étaient prixées aujourd'hui, BNS estime la juste valeur entre 943,11 $ et 973,11 $ pour 1 000 $, impliquant une décote initiale émetteur/intermédiaire allant jusqu'à 5,7 %. Scotia Capital Inc. est l'agent de calcul ; Scotia Capital (USA) Inc. et Wells Fargo Securities agiront en tant qu'agents, avec des concessions et frais combinés allant jusqu'à 2,9 %.
Principaux risques divulgués comprennent : risque de perte en capital, intérêt non fixe, risque de crédit de BNS, contraintes de liquidité, concentration sur une seule action, risque de réinvestissement en cas de rappel anticipé et traitement fiscal incertain. Les titres ne sont pas assurés par la FDIC.
La fiche technique n'est qu'un résumé ; les investisseurs doivent consulter le supplément préliminaire de tarification complet, le supplément produit, le supplément de prospectus et le prospectus de base déposés auprès de la SEC sous le numéro d'enregistrement 333-282565.
Die Bank of Nova Scotia (BNS) bietet eine neue Serie A Equity-Linked Security (vorrangige, unbesicherte Schuldverschreibungen) an, die sich auf die Stammaktien von NVIDIA Corporation (NVDA) bezieht. Jede Schuldverschreibung hat einen Nennwert von 1.000 $, der Preis wird voraussichtlich am 18. Juli 2025 festgelegt und die Abwicklung erfolgt am 23. Juli 2025.
Einkommensprofil: Anleger haben Anspruch auf einen monatlichen bedingten Kupon von mindestens 13,65 % p.a. (Zahlung drei Geschäftstage nach jedem Berechnungstag), jedoch nur, wenn der Schlusskurs von NVDA am jeweiligen Berechnungstag gleich oder höher als die Kupon-Schwelle = 65 % des Startpreises ist. Ausgefallene Kupons sind nicht nachzuholen.
Automatischer Rückruf: Ab dem sechsten Berechnungstag (Januar 2026) bis Juni 2026 werden die Schuldverschreibungen automatisch zum Nennwert plus dem letzten Kupon zurückgezahlt, wenn der Schlusskurs von NVDA an einem Berechnungstag den Startpreis erreicht oder übersteigt.
Endfällige Rückzahlung: Wenn kein Rückruf erfolgt, laufen die Schuldverschreibungen am 23. Juli 2026 aus. • Liegt der Endpreis ≥ der Abwärts-Schwelle (65 % des Startpreises), erhalten die Inhaber den Nennwert. • Andernfalls entspricht die Rückzahlung dem Nennwert × (Endpreis / Startpreis), wodurch Anleger dem vollen Abwärtsrisiko unterhalb des 35 % Puffers ausgesetzt sind, mit einem maximalen Verlust von 100 %.
Geschätzter Wert: Bei einer heutigen Preisfestsetzung schätzt BNS den fairen Wert auf 943,11–973,11 $ pro 1.000 $, was einen anfänglichen Emittenten-/Händlerabschlag von bis zu 5,7 % impliziert. Scotia Capital Inc. ist Berechnungsagent; Scotia Capital (USA) Inc. und Wells Fargo Securities fungieren als Agenten mit kombinierten Verkaufsprovisionen und Gebühren von bis zu 2,9 %.
Offengelegte Hauptrisiken umfassen: potenziellen Kapitalverlust, nicht festverzinsliche Zinsen, Kreditrisiko von BNS, Liquiditätsbeschränkungen, Einzelaktienkonzentration, Reinvestitionsrisiko bei vorzeitigem Rückruf und unsichere steuerliche Behandlung. Die Wertpapiere sind nicht FDIC-versichert.
Das Termsheet ist nur eine Zusammenfassung; Anleger sollten das vollständige vorläufige Preiszusatzblatt, das Produktergänzungsblatt, den Prospektergänzungsblatt und den Basisprospekt prüfen, die unter der SEC-Registrierungsnummer 333-282565 eingereicht wurden.
- High contingent coupon rate of at least 13.65 % p.a. offers elevated income potential versus conventional IG notes.
- 35 % downside buffer (threshold at 65 % of starting price) provides partial principal protection if NVDA declines moderately.
- Automatic call feature allows early return of capital at par plus coupon if NVDA performs well between Jan–Jun 2026.
- Principal at risk: investors suffer full downside exposure below the 65 % threshold and can lose up to 100 % of invested capital.
- Coupon is not guaranteed; no payments occur if NVDA is below the threshold on any calculation day.
- Issuer/market value gap: estimated fair value (94.3-97.3 % of par) signals an initial cost of up to 5.7 % to investors.
- Liquidity risk: notes are not expected to trade actively; secondary prices may be well below theoretical value.
- Credit risk of BNS adds exposure unrelated to NVDA’s performance.
Insights
TL;DR – High coupon, 35 % buffer, full downside after threshold; routine issuance for BNS.
This FWP outlines a standard U.S. market-linked note tied to NVDA. The minimum 13.65 % contingent coupon is attractive relative to IG credit, but the income is conditional and could be zero throughout the term if NVDA trades below 65 % of the July-2025 starting price. The 35 % principal buffer is typical; below that level, investors are effectively long the stock on a 1-for-1 basis without upside. Automatic call from month 6 caps holding period and favours the issuer when NVDA performs well. Estimated value (94.3-97.3 % of par) shows a noticeable structuring spread. Credit exposure to BNS (A- / A2) remains. Overall, this is a routine shelf-registered issuance; it does not represent a material event for BNS shareholders but provides income-seeking investors with a leveraged view on NVDA.
La Bank of Nova Scotia (BNS) sta promuovendo una nuova Serie A di Titoli Equity-Linked (note senior, non garantite) che fanno riferimento alle azioni ordinarie di NVIDIA Corporation (NVDA). Ogni titolo ha un valore nominale di 1.000 $, con prezzo previsto per il 18 luglio 2025 e regolamento il 23 luglio 2025.
Profilo di rendimento: Gli investitori hanno diritto a un coupon condizionato minimo del 13,65% annuo pagato mensilmente (tre giorni lavorativi dopo ogni giorno di calcolo), solo se il prezzo di chiusura di NVDA nel giorno di calcolo è pari o superiore alla soglia del coupon = 65% del prezzo iniziale. I coupon non pagati non sono recuperabili.
Richiamo automatico: A partire dal sesto giorno di calcolo (gennaio 2026) fino a giugno 2026, le note saranno rimborsate automaticamente al valore nominale più l’ultimo coupon se il prezzo di chiusura di NVDA in qualsiasi giorno di calcolo è pari o superiore al prezzo iniziale.
Rimborso a scadenza: Se non richiamate, le note scadono il 23 luglio 2026. • Se il prezzo finale è ≥ soglia di ribasso (65% del prezzo iniziale), gli investitori ricevono il valore nominale. • In caso contrario, il rimborso sarà pari al valore nominale × (prezzo finale / prezzo iniziale), esponendo gli investitori a perdite totali oltre il buffer del 35%, con una perdita massima del 100%.
Valore stimato: Se quotate oggi, BNS stima un valore equo tra 943,11 $ e 973,11 $ per ogni 1.000 $, implicando uno sconto iniziale massimo del 5,7% per emittente/intermediario. Scotia Capital Inc. è l’agente di calcolo; Scotia Capital (USA) Inc. e Wells Fargo Securities agiranno come agenti, con commissioni e sconti combinati fino al 2,9%.
Principali rischi comunicati includono: possibile perdita del capitale, interesse non fisso, rischio di credito di BNS, limitazioni di liquidità, concentrazione su singolo titolo, rischio di reinvestimento in caso di richiamo anticipato e trattamento fiscale incerto. I titoli non sono assicurati FDIC.
Il foglio informativo è solo un riassunto; gli investitori dovrebbero consultare il supplemento preliminare di prezzo, il supplemento prodotto, il supplemento al prospetto e il prospetto base depositati presso la SEC con numero di registrazione 333-282565.
El Banco de Nueva Escocia (BNS) está comercializando una nueva Serie A de valores vinculados a acciones (notas senior, no garantizadas) que hacen referencia a las acciones ordinarias de NVIDIA Corporation (NVDA). Cada valor tiene un valor nominal de 1.000 $, con precio esperado para el 18 de julio de 2025 y liquidación el 23 de julio de 2025.
Perfil de ingresos: Los inversores son elegibles para un cupón contingente mensual de al menos 13,65% anual (pagado tres días hábiles después de cada día de cálculo), solo cuando el precio de cierre de NVDA en el día de cálculo relevante sea igual o superior al umbral del cupón = 65% del precio inicial. Los cupones no pagados no son recuperables.
Llamado automático: A partir del sexto día de cálculo (enero de 2026) y hasta junio de 2026, las notas serán redimidas automáticamente al valor nominal más el cupón final si el precio de cierre de NVDA en cualquier día de cálculo es igual o superior al precio inicial.
Pago al vencimiento: Si no se llaman, las notas vencen el 23 de julio de 2026. • Si el precio final ≥ umbral de caída (65% del precio inicial), los tenedores reciben el valor nominal. • De lo contrario, el reembolso será igual al valor nominal × (precio final / precio inicial), exponiendo a los inversores a la pérdida total por debajo del margen del 35%, con una pérdida máxima del 100%.
Valor estimado: Si se valoran hoy, BNS estima un valor justo entre 943,11 $ y 973,11 $ por cada 1.000 $, implicando un descuento inicial para el emisor/distribuidor de hasta el 5,7%. Scotia Capital Inc. es el agente de cálculo; Scotia Capital (USA) Inc. y Wells Fargo Securities actuarán como agentes, con concesiones y comisiones combinadas de hasta el 2,9%.
Riesgos clave divulgados incluyen: posible pérdida de capital, interés no fijo, riesgo crediticio de BNS, limitaciones de liquidez, concentración en una sola acción, riesgo de reinversión en llamada anticipada y tratamiento fiscal incierto. Los valores no están asegurados por la FDIC.
La hoja de términos es solo un resumen; los inversores deben revisar el suplemento preliminar de precios completo, el suplemento de producto, el suplemento de prospecto y el prospecto base presentados ante la SEC con el número de registro 333-282565.
노바스코샤 은행(BNS)은 NVIDIA Corporation (NVDA) 보통주를 참조하는 새로운 시리즈 A 지분 연계 증권(선순위 무담보 채권)을 마케팅하고 있습니다. 각 증권은 액면가 1,000달러이며, 2025년 7월 18일에 가격이 책정되고 2025년 7월 23일에 결제될 예정입니다.
수익 프로필: 투자자는 매월 최소 연 13.65%의 조건부 쿠폰을 받을 자격이 있으며(각 계산일로부터 3영업일 후 지급), NVDA의 해당 계산일 종가가 쿠폰 기준선 = 시작 가격의 65% 이상일 때만 지급됩니다. 미지급 쿠폰은 회복되지 않습니다.
자동 상환: 6번째 계산일(2026년 1월)부터 2026년 6월까지, NVDA의 종가가 어느 계산일에든 시작 가격 이상일 경우, 해당 노트는 액면가와 최종 쿠폰을 포함하여 자동으로 상환됩니다.
만기 상환: 상환되지 않은 경우, 노트는 2026년 7월 23일에 만기됩니다. • 만기 시 가격이 하락 기준선(시작 가격의 65%) 이상이면 투자자는 액면가를 받습니다. • 그렇지 않으면 상환금은 액면가 × (만기 가격 / 시작 가격)으로, 35% 버퍼 이하에서는 전액 손실 위험이 있으며 최대 손실은 100%입니다.
추정 가치: 오늘 가격이 책정된다면, BNS는 1,000달러당 943.11~973.11달러의 공정 가치를 추정하며, 이는 최대 5.7%의 초기 발행자/딜러 할인율을 의미합니다. Scotia Capital Inc.가 계산 대행사이며, Scotia Capital (USA) Inc.와 Wells Fargo Securities가 대행사로 활동하며, 총 판매 수수료와 수수료는 최대 2.9%입니다.
주요 위험 공시에는 원금 손실 가능성, 고정되지 않은 이자, BNS의 신용 위험, 유동성 제약, 단일 주식 집중, 조기 상환 시 재투자 위험, 불확실한 세금 처리 등이 포함됩니다. 이 증권은 FDIC 보험 대상이 아닙니다.
용어 시트는 요약본일 뿐이며, 투자자는 SEC 등록번호 333-282565로 제출된 전체 예비 가격 보충서, 제품 보충서, 설명서 보충서 및 기본 설명서를 검토해야 합니다.
La Banque de Nouvelle-Écosse (BNS) commercialise une nouvelle Série A de titres liés à des actions (obligations senior non garanties) qui référencent les actions ordinaires de NVIDIA Corporation (NVDA). Chaque titre a une valeur nominale de 1 000 $, devrait être prix le 18 juillet 2025 et réglé le 23 juillet 2025.
Profil de revenu : Les investisseurs ont droit à un coupon conditionnel d'au moins 13,65 % par an versé mensuellement (trois jours ouvrables après chaque jour de calcul), uniquement lorsque le cours de clôture de NVDA au jour de calcul pertinent est égal ou supérieur au seuil du coupon = 65 % du prix de départ. Les coupons manqués ne sont pas récupérables.
Rappel automatique : À partir du sixième jour de calcul (janvier 2026) et jusqu'en juin 2026, les notes seront automatiquement remboursées à leur valeur nominale plus le coupon final si le cours de clôture de NVDA à un jour de calcul est égal ou supérieur au prix de départ.
Remboursement à l'échéance : Si elles ne sont pas rappelées, les notes arrivent à échéance le 23 juillet 2026. • Si le prix final ≥ seuil de baisse (65 % du prix de départ), les détenteurs reçoivent la valeur nominale. • Sinon, le remboursement est égal à la valeur nominale × (prix final / prix de départ), exposant les investisseurs à une perte totale en dessous de la marge de 35 %, avec une perte maximale de 100 %.
Valeur estimée : Si elles étaient prixées aujourd'hui, BNS estime la juste valeur entre 943,11 $ et 973,11 $ pour 1 000 $, impliquant une décote initiale émetteur/intermédiaire allant jusqu'à 5,7 %. Scotia Capital Inc. est l'agent de calcul ; Scotia Capital (USA) Inc. et Wells Fargo Securities agiront en tant qu'agents, avec des concessions et frais combinés allant jusqu'à 2,9 %.
Principaux risques divulgués comprennent : risque de perte en capital, intérêt non fixe, risque de crédit de BNS, contraintes de liquidité, concentration sur une seule action, risque de réinvestissement en cas de rappel anticipé et traitement fiscal incertain. Les titres ne sont pas assurés par la FDIC.
La fiche technique n'est qu'un résumé ; les investisseurs doivent consulter le supplément préliminaire de tarification complet, le supplément produit, le supplément de prospectus et le prospectus de base déposés auprès de la SEC sous le numéro d'enregistrement 333-282565.
Die Bank of Nova Scotia (BNS) bietet eine neue Serie A Equity-Linked Security (vorrangige, unbesicherte Schuldverschreibungen) an, die sich auf die Stammaktien von NVIDIA Corporation (NVDA) bezieht. Jede Schuldverschreibung hat einen Nennwert von 1.000 $, der Preis wird voraussichtlich am 18. Juli 2025 festgelegt und die Abwicklung erfolgt am 23. Juli 2025.
Einkommensprofil: Anleger haben Anspruch auf einen monatlichen bedingten Kupon von mindestens 13,65 % p.a. (Zahlung drei Geschäftstage nach jedem Berechnungstag), jedoch nur, wenn der Schlusskurs von NVDA am jeweiligen Berechnungstag gleich oder höher als die Kupon-Schwelle = 65 % des Startpreises ist. Ausgefallene Kupons sind nicht nachzuholen.
Automatischer Rückruf: Ab dem sechsten Berechnungstag (Januar 2026) bis Juni 2026 werden die Schuldverschreibungen automatisch zum Nennwert plus dem letzten Kupon zurückgezahlt, wenn der Schlusskurs von NVDA an einem Berechnungstag den Startpreis erreicht oder übersteigt.
Endfällige Rückzahlung: Wenn kein Rückruf erfolgt, laufen die Schuldverschreibungen am 23. Juli 2026 aus. • Liegt der Endpreis ≥ der Abwärts-Schwelle (65 % des Startpreises), erhalten die Inhaber den Nennwert. • Andernfalls entspricht die Rückzahlung dem Nennwert × (Endpreis / Startpreis), wodurch Anleger dem vollen Abwärtsrisiko unterhalb des 35 % Puffers ausgesetzt sind, mit einem maximalen Verlust von 100 %.
Geschätzter Wert: Bei einer heutigen Preisfestsetzung schätzt BNS den fairen Wert auf 943,11–973,11 $ pro 1.000 $, was einen anfänglichen Emittenten-/Händlerabschlag von bis zu 5,7 % impliziert. Scotia Capital Inc. ist Berechnungsagent; Scotia Capital (USA) Inc. und Wells Fargo Securities fungieren als Agenten mit kombinierten Verkaufsprovisionen und Gebühren von bis zu 2,9 %.
Offengelegte Hauptrisiken umfassen: potenziellen Kapitalverlust, nicht festverzinsliche Zinsen, Kreditrisiko von BNS, Liquiditätsbeschränkungen, Einzelaktienkonzentration, Reinvestitionsrisiko bei vorzeitigem Rückruf und unsichere steuerliche Behandlung. Die Wertpapiere sind nicht FDIC-versichert.
Das Termsheet ist nur eine Zusammenfassung; Anleger sollten das vollständige vorläufige Preiszusatzblatt, das Produktergänzungsblatt, den Prospektergänzungsblatt und den Basisprospekt prüfen, die unter der SEC-Registrierungsnummer 333-282565 eingereicht wurden.
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Filed Pursuant to Rule 433 Dated June 26, 2025 Registration No. 333-282565 |
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The Bank of Nova Scotia Senior Note Program, Series A Equity Linked Securities |
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Summary of Terms
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Issuer |
The Bank of Nova Scotia (the “Bank”) |
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Market Measure |
The common stock of NVIDIA Corporation (the “Underlying Stock”) (Bloomberg Ticker: NVDA) |
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Pricing Date* |
July 18, 2025 |
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Issue Date* |
July 23, 2025 |
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Face Amount (Original Offering Price) |
$1,000 per security |
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Contingent Coupon Payment |
On each contingent coupon payment date, you will receive a contingent coupon payment at a per annum rate equal to the contingent coupon rate if, and only if, the stock closing price of the Underlying Stock on the related calculation day is greater than or equal to the coupon threshold price. Each contingent coupon payment, if any, will be calculated per security as follows: ($1,000 × contingent coupon rate) / 12. Any contingent coupon payment will be rounded to the nearest cent, with one-half cent rounded upward. |
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Contingent Coupon Rate |
At least 13.65% per annum, to be determined on the pricing date |
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Calculation Days* |
Monthly, on the 18th day of each month, commencing August 2025 and ending in July 2026, each subject to postponement. We refer to the calculation day scheduled to occur in July 2026 (expected to be July 20, 2026) as the “final calculation day.” |
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Contingent Coupon Payment Dates |
Three business days after the applicable calculation day (the contingent coupon payment date with respect to the final calculation day will be the stated maturity date), each subject to postponement |
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Automatic Call |
If the stock closing price of the Underlying Stock on any calculation day from January 2026 to June 2026, inclusive, is greater than or equal to the starting price, the securities will be automatically called, and on the related call settlement date, you will be entitled to receive a cash payment per security in U.S. dollars equal to the face amount plus a final contingent coupon payment. The securities will not be subject to automatic call until the sixth calculation day, which is approximately six months after the issue date. |
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Call Settlement Date |
Three business days after the applicable calculation day, subject to postponement |
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Maturity Payment Amount (per Security) |
If the securities are not automatically called prior to the stated maturity date: ●if the ending price is greater than or equal to the downside threshold price: $1,000; or ●if the ending price is less than the downside threshold price: $1,000 × performance factor |
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Performance Factor |
The ending price divided by the starting price (expressed as a percentage) |
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Stated Maturity Date* |
July 23, 2026, subject to postponement |
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Starting Price |
The stock closing price of the Underlying Stock on the pricing date |
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Ending Price |
The stock closing price of the Underlying Stock on the final calculation day |
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Coupon Threshold Price |
65.00% of the starting price |
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Downside Threshold Price |
65.00% of the starting price |
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Calculation Agent |
Scotia Capital Inc., an affiliate of the Bank |
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Denominations |
$1,000 and any integral multiple of $1,000 |
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Agents** |
Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC (“WFS”). WFS will receive a discount of up to 1.825%; dealers, including Wells Fargo Advisors, LLC (“WFA”), may receive a selling concession of up to 1.00%, and WFA may receive a distribution expense fee of 0.075%. |
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CUSIP / ISIN |
06418VZD9 / US06418VZD99 |
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Material Canadian and U.S. Tax Consequences |
See the preliminary pricing supplement. |
| * | Subject to change. |
| ** | In respect of certain securities, we may pay a fee of up to $1.00 per security to selected securities dealers for marketing and other services in connection with the distribution of the securities to other securities dealers. |
Hypothetical Payout Profile
If the securities are not automatically called prior to stated maturity and the ending price is less than the downside threshold price, you will lose more than 35%, and possibly all, of the face amount of your securities at stated maturity.
Any return on the securities will be limited to the sum of your contingent coupon payments, if any. You will not participate in any appreciation of the Underlying Stock, but you will have full downside exposure to the Underlying Stock if the ending price is less than the downside threshold price.
If the securities priced today, the estimated value of the securities would be between $943.11 (94.311%) and $973.11 (97.311%) per $1,000 face amount. See “The Bank’s Estimated Value of the Securities” in the preliminary pricing supplement.
Preliminary pricing supplement:
http://www.sec.gov/Archives/edgar/data/9631/000183988225034967/bns_424b2-18956.htm
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The securities have complex features and investing in the securities involves risks not associated with an investment in conventional debt securities. See “Selected Risk Considerations” in this term sheet, “Selected Risk Considerations” in the preliminary pricing supplement and “Risk Factors” in the product supplement, prospectus supplement and prospectus. This introductory term sheet does not provide all the information that an investor should consider prior to making an investment decision. This term sheet should be read in conjunction with the preliminary pricing supplement, product supplement, prospectus supplement, and prospectus. NOT A BANK DEPOSIT AND NOT INSURED OR GUARANTEED BY THE FDIC OR ANY OTHER GOVERNMENTAL AGENCY |
Selected Risk Considerations
The risks set forth below are discussed in detail in “Selected Risk Considerations” in the preliminary pricing supplement and “Risk Factors” in the product supplement, prospectus supplement and prospectus. Please review those risk disclosures carefully.
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Risks Relating To The Securities Generally ●If The Securities Are Not Automatically Called Prior To Stated Maturity, You May Lose Some Or All Of The Face Amount Of Your Securities At Stated Maturity. ●The Securities Do Not Provide For Fixed Payments Of Interest And You May Receive No Coupon Payments On One Or More Contingent Coupon Payment Dates, Or Even Throughout The Entire Term Of The Securities. ●You May Be Fully Exposed To The Decline In The Underlying Stock On The Final Calculation Day From The Starting Price, But Will Not Participate In Any Positive Performance Of The Underlying Stock. ●Higher Contingent Coupon Rates Are Associated With Greater Risk. ●You Will Be Subject To Reinvestment Risk. Risks Relating To An Investment In the Bank’s Debt Securities, Including The Securities ●Your Investment Is Subject To The Credit Risk Of The Bank. Risks Relating To The Estimated Value Of The Securities And Any Secondary Market ●The Inclusion Of Dealer Spread And Projected Profit From Hedging In The Original Offering Price Is Likely To Adversely Affect Secondary Market Prices. ●The Bank's Estimated Value Of The Securities Will Be Lower Than The Original Offering Price Of The Securities. ●The Bank's Estimated Value Does Not Represent Future Values Of The Securities And May Differ From Others' Estimates. ●The Bank's Estimated Value Is Not Determined By Reference To Credit Spreads For Our Conventional Fixed-Rate Debt. ●If The Price Of The Underlying Stock Changes, The Market Value Of Your Securities May Not Change In The Same Manner. ●The Price At Which The Securities May Be Sold Prior To Maturity Will Depend On A Number Of Factors And May Be Substantially Less Than The Amount For Which They Were Originally Purchased. ●The Securities Lack Liquidity. |
Risks Relating To The Underlying Stock ●The Securities Will Be Subject To Single Stock Risk. ●Investing In The Securities Is Not The Same As Investing In The Underlying Stock. ●Historical Prices Of The Underlying Stock Should Not Be Taken As An Indication Of The Future Performance Of The Underlying Stock During The Term Of The Securities. ●The Securities May Become Linked To The Common Stock Of A Company Other Than An Original Underlying Stock Issuer. ●We, The Agents And Our Respective Affiliates Cannot Control Actions By An Underlying Stock Issuer. ●We, The Agents And Our Respective Affiliates Have No Affiliation With Any Underlying Stock Issuer And Have Not Independently Verified Their Public Disclosure Of Information. ●You Have Limited Anti-dilution Protection. Risks Relating To Hedging Activities And Conflicts Of Interest ●A Participating Dealer Or Its Affiliates May Realize Hedging Profits Projected By Its Proprietary Pricing Models In Addition To Any Selling Concession And/Or Any Distribution Expense Fee, Creating A Further Incentive For The Participating Dealer To Sell The Securities To You. ●Hedging Activities By The Bank And/Or The Agents May Negatively Impact Investors In The Securities And Cause Our Respective Interests And Those Of Our Clients And Counterparties To Be Contrary To Those Of Investors In The Securities. ●Market Activities By The Bank Or The Agents For Their Own Respective Accounts Or For Their Respective Clients Could Negatively Impact Investors In The Securities. ●The Bank, The Agents And Their Respective Affiliates Regularly Provide Services To, Or Otherwise Have Business Relationships With, A Broad Client Base, Which Has Included And May Include Issuers Of An Underlying Stock, The Sponsor Or Investment Advisor For A Fund And/Or The Issuers Of Securities Included In An Underlying Stock Or Held By A Fund. ●Other Investors In The Securities May Not Have The Same Interests As You. ●There Are Potential Conflicts Of Interest Between You And The Calculation Agent. ●A Contingent Coupon Payment Date, A Call Settlement Date And The Stated Maturity Date May Be Postponed If A Calculation Day Is Postponed. Risks Relating to Canadian and U.S. Federal Income Taxation ●The Tax Consequences Of An Investment In The Securities Are Unclear. Significant aspects of the tax treatment of the securities are uncertain. You should consult your tax advisor about your tax situation. See “Canadian Income Tax Consequences” and “U.S. Federal Income Tax Consequences” in the preliminary pricing supplement. |
The Bank has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Bank has filed with the SEC for more complete information about the Bank and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Bank, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling your financial advisor or by calling Wells Fargo Securities, LLC at 866-346-7732.
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.
FAQ
What is the minimum contingent coupon on BNS NVDA-linked notes?
When can the Bank of Nova Scotia notes be automatically called?
How much principal protection do the BNS Equity-Linked Securities offer?
What is the estimated initial value of the securities?
Are the BNS NVDA-linked notes FDIC-insured?
