[Form 4] Popular, Inc. Popular Capital Tr II 6.125% Insider Trading Activity

Q: What coupon do the BNS Autocallable Fixed Coupon Trigger Notes pay?

The notes pay a fixed coupon of $9.667 per $1,000 principal monthly (0.9667%), equivalent to up to approximately 11.60% per annum.

Q: When can the notes linked to AMZN be automatically called?

On any call observation date between January 2026 and July 2026 if AMZN’s closing price is at or above the initial price set on July 2, 2025.

Q: How much principal protection is provided by the BNS notes?

Principal is repaid in full at maturity only if AMZN’s final price is at least 70% of the initial price; below that, losses are 1-for-1 with AMZN’s decline.

Q: What is the initial estimated value of the notes relative to the $1,000 issue price?

BNS estimates an initial value between $900 and $930 per $1,000 note, reflecting internal funding and structuring costs.

Q: Are the Autocallable Notes insured or secured?

No. The notes are unsubordinated, unsecured obligations of BNS and are not protected by CDIC, FDIC, or any other insurance.

Q: Will the notes be listed on a securities exchange?

No exchange listing is planned; liquidity depends on dealer market-making, which is not guaranteed.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

The Bank of Nova Scotia (BNS) has filed a 424(b)(3) amended preliminary pricing supplement for a new market-linked structured product: Autocallable Fixed Coupon Trigger Notes linked to Amazon.com, Inc. (AMZN) common stock, maturing on August 10, 2026.

Key economic terms:

Coupon: fixed monthly payment of $9.667 per $1,000 principal (0.9667% monthly; up to ~11.60% p.a.), payable until redemption or maturity.
Automatic call: notes are redeemed at $1,000 plus the monthly coupon if AMZN’s closing price on any call observation date (Jan 2026 – Jul 2026, exact dates TBD) is ≥ the initial price set on the July 2, 2025 trade date.
Principal repayment: if not called, investors receive $1,000 at maturity only when the final AMZN price is ≥ 70% of the initial price. If the final price is < 70%, repayment equals $1,000 × (1 + Reference Asset Return), exposing holders to a 1-for-1 downside beyond the 30% buffer and potential total loss of principal.
Issue price & estimated value: offered at 100% of face value; Bank’s internal models estimate an initial value of $900–$930, reflecting structuring fees and the Bank’s internal funding rate.
Credit & liquidity: senior unsecured obligations of BNS; not CDIC or FDIC insured; not exchange-listed. Scotia Capital (USA) Inc. and Goldman Sachs & Co. LLC act as dealers and may make a secondary market but are not obligated to do so.

Risk highlights: investors bear (1) BNS credit risk, (2) potential loss of up to 100% of principal if AMZN falls >30%, (3) price transparency and liquidity limitations, and (4) structural yield premium partly offset by a 7–10% issue-value discount and dealer spreads.

La Bank of Nova Scotia (BNS) ha presentato un supplemento preliminare di prezzo modificato 424(b)(3) per un nuovo prodotto strutturato legato al mercato: Note Autocallable a Cedola Fissa collegate all'azione Amazon.com, Inc. (AMZN), con scadenza il 10 agosto 2026.

Termini economici principali:

Cedola: pagamento fisso mensile di 9,667 USD per ogni 1.000 USD di capitale (0,9667% mensile; fino a circa 11,60% annuo), pagabile fino al rimborso o alla scadenza.
Richiamo automatico: le note vengono rimborsate a 1.000 USD più la cedola mensile se il prezzo di chiusura di AMZN in una qualsiasi data di osservazione del richiamo (gennaio 2026 – luglio 2026, date esatte da definire) è ≥ al prezzo iniziale fissato alla data di negoziazione del 2 luglio 2025.
Rimborso del capitale: se non richiamate, gli investitori ricevono 1.000 USD alla scadenza solo se il prezzo finale di AMZN è ≥ al 70% del prezzo iniziale. Se il prezzo finale è < 70%, il rimborso sarà pari a 1.000 USD × (1 + Rendimento dell'Asset di Riferimento), esponendo gli investitori a una perdita diretta 1 a 1 oltre il buffer del 30% e a un potenziale totale perdita del capitale.
Prezzo di emissione e valore stimato: offerto al 100% del valore nominale; i modelli interni della banca stimano un valore iniziale tra 900 e 930 USD, riflettendo le commissioni di strutturazione e il tasso di finanziamento interno della banca.
Credito e liquidità: obbligazioni senior non garantite di BNS; non assicurate da CDIC o FDIC; non quotate in borsa. Scotia Capital (USA) Inc. e Goldman Sachs & Co. LLC agiscono come dealer e potrebbero creare un mercato secondario, ma non sono obbligati a farlo.

Rischi principali: gli investitori si assumono (1) il rischio di credito di BNS, (2) la possibile perdita fino al 100% del capitale se AMZN scende oltre il 30%, (3) limitazioni nella trasparenza dei prezzi e nella liquidità, e (4) un premio strutturale sul rendimento parzialmente compensato da uno sconto del 7–10% sul prezzo di emissione e dagli spread dei dealer.

El Bank of Nova Scotia (BNS) ha presentado un suplemento preliminar de precio enmendado 424(b)(3) para un nuevo producto estructurado vinculado al mercado: Notas Autollamables con Cupón Fijo vinculadas a las acciones ordinarias de Amazon.com, Inc. (AMZN), con vencimiento el 10 de agosto de 2026.

Términos económicos clave:

Cupón: pago fijo mensual de 9,667 USD por cada 1.000 USD de principal (0,9667% mensual; hasta aproximadamente 11,60% anual), pagadero hasta el reembolso o vencimiento.
Llamada automática: las notas se reembolsan a 1.000 USD más el cupón mensual si el precio de cierre de AMZN en cualquier fecha de observación de llamada (enero 2026 – julio 2026, fechas exactas por determinar) es ≥ al precio inicial fijado en la fecha de negociación del 2 de julio de 2025.
Reembolso del principal: si no son llamadas, los inversionistas reciben 1.000 USD al vencimiento solo si el precio final de AMZN es ≥ al 70% del precio inicial. Si el precio final es < 70%, el reembolso será igual a 1.000 USD × (1 + Rendimiento del Activo de Referencia), exponiendo a los tenedores a una pérdida 1 a 1 más allá del margen del 30% y una posible pérdida total del principal.
Precio de emisión y valor estimado: ofrecido al 100% del valor nominal; los modelos internos del banco estiman un valor inicial entre 900 y 930 USD, reflejando las comisiones de estructuración y la tasa interna de financiamiento del banco.
Crédito y liquidez: obligaciones senior no garantizadas de BNS; no aseguradas por CDIC o FDIC; no listadas en bolsa. Scotia Capital (USA) Inc. y Goldman Sachs & Co. LLC actúan como distribuidores y pueden crear un mercado secundario, pero no están obligados a hacerlo.

Aspectos de riesgo: los inversionistas asumen (1) riesgo crediticio de BNS, (2) posible pérdida de hasta el 100% del principal si AMZN cae más del 30%, (3) limitaciones en la transparencia de precios y liquidez, y (4) una prima estructural en el rendimiento parcialmente compensada por un descuento del 7–10% en el valor de emisión y los diferenciales de los distribuidores.

La Banque de Nouvelle-Écosse (BNS) a déposé un supplément préliminaire de prix modifié 424(b)(3) pour un nouveau produit structuré lié au marché : des Notes à Coupon Fixe Autocallables liées aux actions ordinaires d'Amazon.com, Inc. (AMZN), arrivant à échéance le 10 août 2026.

Principaux termes économiques :

Coupon : paiement mensuel fixe de 9,667 $ par tranche de 1 000 $ de principal (0,9667 % mensuel ; jusqu'à environ 11,60 % par an), versé jusqu'au remboursement ou à l'échéance.
Appel automatique : les notes sont remboursées à 1 000 $ plus le coupon mensuel si le cours de clôture d'AMZN à une date d'observation d'appel (de janvier 2026 à juillet 2026, dates exactes à déterminer) est ≥ au prix initial fixé à la date de transaction du 2 juillet 2025.
Remboursement du principal : si elles ne sont pas rappelées, les investisseurs reçoivent 1 000 $ à l'échéance uniquement si le prix final d'AMZN est ≥ 70 % du prix initial. Si le prix final est < 70 %, le remboursement correspond à 1 000 $ × (1 + rendement de l'actif de référence), exposant les détenteurs à une perte directe 1 pour 1 au-delà de la marge de 30 % et à une perte totale potentielle du principal.
Prix d'émission et valeur estimée : offert à 100 % de la valeur nominale ; les modèles internes de la banque estiment une valeur initiale entre 900 et 930 $, reflétant les frais de structuration et le taux de financement interne de la banque.
Crédit et liquidité : obligations senior non garanties de BNS ; non assurées par CDIC ou FDIC ; non cotées en bourse. Scotia Capital (USA) Inc. et Goldman Sachs & Co. LLC agissent en tant que teneurs de marché et peuvent créer un marché secondaire, mais ne sont pas obligés de le faire.

Points clés de risque : les investisseurs supportent (1) le risque de crédit de BNS, (2) une perte potentielle pouvant atteindre 100 % du principal si AMZN baisse de plus de 30 %, (3) des limitations en matière de transparence des prix et de liquidité, et (4) une prime de rendement structurelle partiellement compensée par une décote à l'émission de 7 à 10 % et les spreads des teneurs de marché.

Positive

High fixed coupon of up to ~11.60% per annum, offering enhanced income versus conventional investment-grade bonds.
Automatic call feature allows early return of principal plus coupon if AMZN trades at or above the initial price on observation dates.
30% downside buffer provides limited protection before principal begins to erode.

Negative

Full downside exposure below the 70% barrier, creating the potential for 100% principal loss if AMZN drops sharply.
Credit risk of The Bank of Nova Scotia; the notes are unsecured and not CDIC/FDIC insured.
Initial estimated value (90–93% of par) indicates an immediate economic cost to investors.
Illiquidity risk due to the absence of an exchange listing and non-binding secondary-market support from dealers.

Insights

TL;DR: High coupon compensates for equity downside and credit risk; neutral impact on BNS, product suits yield-seeking investors with bullish/sideways AMZN view.

Product economics. The 11.6% headline yield is attractive versus short-dated IG credit, yet the Bank’s estimated value (90–93% of par) shows investors effectively pre-pay embedded option premiums and distribution costs. The 30% soft protection is standard for two-year autocallables on large-cap tech; call dates start after six coupons, limiting duration risk to roughly seven months if AMZN rallies.

Risk assessment. Downside participation below the 70% barrier is linear, making the note unsuitable for investors unwilling to accept significant equity risk. Lack of exchange listing and dealer discretion on secondary markets could widen bid/ask spreads, especially during volatility spikes in AMZN or BNS credit.

Issuer impact. From BNS’s perspective, the transaction is routine funding—size undisclosed but unlikely to be material relative to its balance sheet. Therefore, the filing is operational rather than strategically significant.

Termini economici principali:

Cedola: pagamento fisso mensile di 9,667 USD per ogni 1.000 USD di capitale (0,9667% mensile; fino a circa 11,60% annuo), pagabile fino al rimborso o alla scadenza.
Richiamo automatico: le note vengono rimborsate a 1.000 USD più la cedola mensile se il prezzo di chiusura di AMZN in una qualsiasi data di osservazione del richiamo (gennaio 2026 – luglio 2026, date esatte da definire) è ≥ al prezzo iniziale fissato alla data di negoziazione del 2 luglio 2025.
Rimborso del capitale: se non richiamate, gli investitori ricevono 1.000 USD alla scadenza solo se il prezzo finale di AMZN è ≥ al 70% del prezzo iniziale. Se il prezzo finale è < 70%, il rimborso sarà pari a 1.000 USD × (1 + Rendimento dell'Asset di Riferimento), esponendo gli investitori a una perdita diretta 1 a 1 oltre il buffer del 30% e a un potenziale totale perdita del capitale.
Prezzo di emissione e valore stimato: offerto al 100% del valore nominale; i modelli interni della banca stimano un valore iniziale tra 900 e 930 USD, riflettendo le commissioni di strutturazione e il tasso di finanziamento interno della banca.
Credito e liquidità: obbligazioni senior non garantite di BNS; non assicurate da CDIC o FDIC; non quotate in borsa. Scotia Capital (USA) Inc. e Goldman Sachs & Co. LLC agiscono come dealer e potrebbero creare un mercato secondario, ma non sono obbligati a farlo.

Términos económicos clave:

Cupón: pago fijo mensual de 9,667 USD por cada 1.000 USD de principal (0,9667% mensual; hasta aproximadamente 11,60% anual), pagadero hasta el reembolso o vencimiento.
Llamada automática: las notas se reembolsan a 1.000 USD más el cupón mensual si el precio de cierre de AMZN en cualquier fecha de observación de llamada (enero 2026 – julio 2026, fechas exactas por determinar) es ≥ al precio inicial fijado en la fecha de negociación del 2 de julio de 2025.
Reembolso del principal: si no son llamadas, los inversionistas reciben 1.000 USD al vencimiento solo si el precio final de AMZN es ≥ al 70% del precio inicial. Si el precio final es < 70%, el reembolso será igual a 1.000 USD × (1 + Rendimiento del Activo de Referencia), exponiendo a los tenedores a una pérdida 1 a 1 más allá del margen del 30% y una posible pérdida total del principal.
Precio de emisión y valor estimado: ofrecido al 100% del valor nominal; los modelos internos del banco estiman un valor inicial entre 900 y 930 USD, reflejando las comisiones de estructuración y la tasa interna de financiamiento del banco.
Crédito y liquidez: obligaciones senior no garantizadas de BNS; no aseguradas por CDIC o FDIC; no listadas en bolsa. Scotia Capital (USA) Inc. y Goldman Sachs & Co. LLC actúan como distribuidores y pueden crear un mercado secundario, pero no están obligados a hacerlo.

Principaux termes économiques :

Coupon : paiement mensuel fixe de 9,667 $ par tranche de 1 000 $ de principal (0,9667 % mensuel ; jusqu'à environ 11,60 % par an), versé jusqu'au remboursement ou à l'échéance.
Appel automatique : les notes sont remboursées à 1 000 $ plus le coupon mensuel si le cours de clôture d'AMZN à une date d'observation d'appel (de janvier 2026 à juillet 2026, dates exactes à déterminer) est ≥ au prix initial fixé à la date de transaction du 2 juillet 2025.
Remboursement du principal : si elles ne sont pas rappelées, les investisseurs reçoivent 1 000 $ à l'échéance uniquement si le prix final d'AMZN est ≥ 70 % du prix initial. Si le prix final est < 70 %, le remboursement correspond à 1 000 $ × (1 + rendement de l'actif de référence), exposant les détenteurs à une perte directe 1 pour 1 au-delà de la marge de 30 % et à une perte totale potentielle du principal.
Prix d'émission et valeur estimée : offert à 100 % de la valeur nominale ; les modèles internes de la banque estiment une valeur initiale entre 900 et 930 $, reflétant les frais de structuration et le taux de financement interne de la banque.
Crédit et liquidité : obligations senior non garanties de BNS ; non assurées par CDIC ou FDIC ; non cotées en bourse. Scotia Capital (USA) Inc. et Goldman Sachs & Co. LLC agissent en tant que teneurs de marché et peuvent créer un marché secondaire, mais ne sont pas obligés de le faire.

06/30/2025 - 11:36 AM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

ALVAREZ IGNACIO

(Last)

(First)

(Middle)

P O BOX 362708

(Street)

SAN JUAN

00936-2708

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
POPULAR, INC. [ BPOP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	CEO

3. Date of Earliest Transaction (Month/Day/Year)
06/26/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock Par Value $0.01 per share	06/26/2025		A⁽¹⁾		15,393	A	$0	327,976.614⁽²⁾	D
Common Stock Par Value $0.01 per share								8,361.121⁽³⁾	I⁽⁴⁾	By son

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Award of restricted stock pursuant to Popular, Inc.'s Omnibus Incentive Plan. The award vests on June 30, 2026.

2. Includes 680.701 shares acquired pursuant to reinvestment of dividends paid by the Corporation. The shares were acquired in transactions exempt from Section 16 of the Securities Exchange Act of 1934 pursuant to Rule 16a-11 thereunder.

3. Includes 56.124 shares acquired pursuant to reinvestment of dividends paid by the Corporation. The shares were acquired in transactions exempt from Section 16 of the Securities Exchange Act of 1934 pursuant to Rule 16a-11 thereunder.

4. Mr. Alvarez disclaims beneficial ownership of Popular Inc.'s shares held by his son and has no investment authority over those shares.

	Marie Reyes-Rodriguez, Attorney-in-fact	06/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What coupon do the BNS Autocallable Fixed Coupon Trigger Notes pay?

The notes pay a fixed coupon of $9.667 per $1,000 principal monthly (0.9667%), equivalent to up to approximately 11.60% per annum.

When can the notes linked to AMZN be automatically called?

On any call observation date between January 2026 and July 2026 if AMZN’s closing price is at or above the initial price set on July 2, 2025.

How much principal protection is provided by the BNS notes?

Principal is repaid in full at maturity only if AMZN’s final price is at least 70% of the initial price; below that, losses are 1-for-1 with AMZN’s decline.

What is the initial estimated value of the notes relative to the $1,000 issue price?

BNS estimates an initial value between $900 and $930 per $1,000 note, reflecting internal funding and structuring costs.

Are the Autocallable Notes insured or secured?

No. The notes are unsubordinated, unsecured obligations of BNS and are not protected by CDIC, FDIC, or any other insurance.

Will the notes be listed on a securities exchange?

No exchange listing is planned; liquidity depends on dealer market-making, which is not guaranteed.

[Form 4] Popular, Inc. Popular Capital Tr II 6.125% Insider Trading Activity

Insights

FAQ

What coupon do the BNS Autocallable Fixed Coupon Trigger Notes pay?

When can the notes linked to AMZN be automatically called?

How much principal protection is provided by the BNS notes?

What is the initial estimated value of the notes relative to the $1,000 issue price?

Are the Autocallable Notes insured or secured?

Will the notes be listed on a securities exchange?

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[Form 4] Popular, Inc. Popular Capital Tr II 6.125% Insider Trading Activity

Insights

Structured-Products Analyst neutral

FAQ

What coupon do the BNS Autocallable Fixed Coupon Trigger Notes pay?

When can the notes linked to AMZN be automatically called?

How much principal protection is provided by the BNS notes?

What is the initial estimated value of the notes relative to the $1,000 issue price?

Are the Autocallable Notes insured or secured?

Will the notes be listed on a securities exchange?

NASDAQ:BPOPM

BPOPM Rankings

BPOPM Latest News

BPOPM Latest SEC Filings

BPOPM Stock Data