Bank of Nova Scotia filings document the regulatory disclosures of a Canadian bank and foreign private issuer whose securities trade on the TSX and NYSE under BNS. Its Form 6-K reports include earnings-related releases, capitalization and earnings-ratio exhibits, Canadian certification materials, and updates incorporated by reference into Form F-3 and Form S-8 registration statements.
The bank’s filings also record governance and shareholder matters, including proxy circular materials, board mandates, by-law amendments, annual and special meeting voting results, and director-election outcomes. Capital-structure disclosures cover common shares, preferred shares and other equity instruments, subordinated indebtedness, normal course issuer bids, and other regulatory capital matters.
Bank of Nova Scotia (BNS) is issuing US$3.285 million of Buffered Digital Notes linked to the EURO STOXX 50® Index (SX5E) maturing 21 June 2027. These senior, unsubordinated and unsecured notes pay no periodic interest; all value is realized at maturity and is entirely dependent on the SX5E price return from the trade date (16 June 2025) to the valuation date (16 June 2027).
Key payoff mechanics:
- Positive / flat index performance: Investors receive the greater of (i) a fixed Threshold Settlement Amount of US$1,251 (125.1 % of principal) or (ii) US$1,000 plus 100 % of the positive index return.
- Moderate decline (0 % to -5 %): Principal is protected; payment equals US$1,000.
- Decline exceeding 5 %: Losses accelerate at a buffer rate of ~105.26 % of the decline beyond -5 %, exposing investors to a potential total loss of principal.
The initial level is 5,339.57 (SX5E close on 16 June 2025). No interim coupons are paid, and no early redemption is available. Settlement is on a T+5 basis (24 June 2025).
Pricing and cost structure:
- Original issue price: 100 % of par (US$1,000 per note).
- Underwriting commission: 1.50 % (US$49,275 total).
- Net proceeds to BNS: 98.5 % of par (US$3,235,725).
- Initial estimated value: US$974.81 per US$1,000, reflecting BNS’s internal funding rate and hedging assumptions. This is below the issue price, indicating embedded fees and hedging costs borne by investors.
Risk highlights:
- Credit risk of BNS; notes are not CDIC or FDIC insured.
- Market risk of SX5E; a fall > 5 % results in amplified losses.
- No secondary-market listing; liquidity depends on dealers’ willingness to make a market.
- Return excludes dividends because the note references price return only.
Scotia Capital (USA) Inc. will distribute the notes, with Goldman Sachs & Co. LLC acting as dealer and potential market maker. The notes form part of BNS’s Senior Note Program, Series A, CUSIP 06418VXR0 / ISIN US06418VXR04, and are offered in minimum denominations of US$1,000.