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The Bank of Nova Scotia (NYSE:BNS) is offering $20.077 million of senior unsecured Autocallable Contingent Coupon Trigger Notes linked to the common stock of NVIDIA Corporation (NVDA). The notes price on 8 July 2025 (T+3 settlement) and mature on 6 August 2026, unless automatically called earlier.
Key economics
- Principal: $1,000 per note
- Initial NVDA price: $157.25 (NYSE close 2 Jul 2025)
- Monthly contingent coupon: 1.0959% (≈13.15% p.a.) paid only if NVDA ≥ 60% of the initial price on the relevant observation date.
- Coupon / trigger barrier: 60% of initial price ($94.35)
- Automatic call: If NVDA ≥ initial price on any monthly observation from Jan-Jul 2026, investors receive $1,000 plus the coupon; no further payments accrue.
- Redemption at maturity (if not called):
- NVDA ≥ 60% of initial price – receive $1,000 + final coupon.
- NVDA < 60% of initial price – receive physical delivery of NVDA shares equal to $1,000/initial price (≈6.3596 shares), worth less than $600 at the trigger level; no coupon paid.
Pricing & fees
- Issue price: 100% of face; initial estimated value: 97.981%.
- Underwriting commissions: 2.15% (dealer concession 1.50% + 0.65% structuring fee).
- Net proceeds to BNS: 97.85% of face.
Risk highlights
- Principal at risk: investors may lose up to 100% if NVDA closes <60% of initial price on final valuation date.
- Coupon not guaranteed: paid only when the barrier is respected; extended periods without payment possible.
- No upside participation: return capped at cumulative coupons; any NVDA appreciation beyond par benefits only to the extent of early call.
- Credit exposure: payments rely solely on The Bank of Nova Scotia; notes are senior but unsecured, not CDIC or FDIC insured.
- Liquidity: notes are unlisted; secondary trading is at brokers’ discretion and may reflect a bid–ask discount plus hedging costs.
- Conflict & valuation: initial value below issue price due to internal funding rate and fees; affiliates act as calculation agent, hedging counter-party and market-maker.
Investor profile
The structure suits investors who (1) are moderately bullish or neutral on NVDA over the next 13 months, (2) can tolerate full downside risk in exchange for double-digit coupon potential, (3) accept early redemption risk and lack of dividends, and (4) are comfortable with BNS credit exposure.
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