ISSUER FREE WRITING PROSPECTUS
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Filed Pursuant to Rule 433
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Registration Statement No. 333-261476
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Dated July 12, 2024
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SUMMARY TERMS
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Issuer:
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The Bank of Nova Scotia
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Issue:
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Senior Note Program, Series A
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Underlying index:
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S&P 500® Index (Bloomberg Ticker: “SPX”)
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Stated principal amount:
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$1,000.00 per Trigger PLUS
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Issue price:
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$1,000.00 per Trigger PLUS
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Minimum investment:
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$1,000 (1 Trigger PLUS)
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Coupon:
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None
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Pricing date:
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July 31, 2024
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Original issue date:
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August 5, 2024 (3 business days after the pricing date; see preliminary pricing supplement).
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Valuation date:
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July 31, 2026, subject to postponement for certain market disruption events and as described in the accompanying product supplement.
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Maturity date:
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August 5, 2026, subject to postponement for certain market disruption events and as described in the accompanying product supplement.
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Payment at maturity per
Trigger PLUS:
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◾ If the final index value is greater than the initial index value:
$1,000.00 + leveraged upside payment
In no event will the payment at maturity from any increase in the value of the underlying index
exceed the maximum upside payment at maturity.
◾ If the final index value is less than or equal to the initial index value but greater than or equal to the trigger level:
$1,000.00 + ($1,000.00 × absolute underlying return)
In this scenario, you will receive a 1% positive return on the Trigger PLUS for each 1% negative
return on the underlying index. In no event will this amount exceed the stated principal amount plus $200.00. You will not benefit from the leverage feature in this scenario.
◾ If the final index value is less than the trigger level:
$1,000.00 + ($1,000.00 × underlying return)
If the final index value is less than the trigger level, you will lose 1% for every 1% that the
final index value falls below the initial index value and you could lose up to your entire investment in the Trigger PLUS.
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Underlying return:
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(final index value – initial index value) / initial index value
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Absolute underlying
return:
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The absolute value of the underlying return. For example, a -5% underlying return will result in a +5% absolute underlying return.
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Leverage factor:
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150%
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Leveraged upside
payment:
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$1,000.00 × leverage factor × underlying return
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Maximum upside gain:
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17.10%
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Maximum upside
payment at maturity:
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$1,171.00 per Trigger PLUS (117.10% of the stated principal amount)
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Trigger level:
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80.00% of the initial index value
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Initial index value:
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The index closing value of the underlying index on the pricing date
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Final index value:
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The index closing value of the underlying index on the valuation date
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CUSIP/ISIN:
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06417Y4Z9 / US06417Y4Z97
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Listing:
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The Trigger PLUS will not be listed or displayed on any securities exchange or any electronic communications network.
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Commission:
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$25.00 per stated principal amount
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Estimated value on the
pricing date:
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Expected to be between $937.78 and $967.78 per Trigger PLUS. See “Risk Factors” in the preliminary pricing supplement.
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Preliminary pricing
supplement
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HYPOTHETICAL PAYOUT
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Underlying Return
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Payment at Maturity
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+50.00%
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$1,171.00
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+40.00%
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$1,171.00
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+30.00%
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$1,171.00
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+20.00%
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$1,171.00
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+11.40%
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$1,171.00
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+9.00%
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$1,135.00
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+6.00%
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$1,090.00
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+3.00%
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$1,045.00
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0.00%
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$1,000.00
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-5.00%
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$1,050.00
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-10.00%
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$1,100.00
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-15.00%
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$1,150.00
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-20.00%
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$1,200.00
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-21.00%
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$790.00
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-25.00%
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$750.00
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-30.00%
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$700.00
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-40.00%
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$600.00
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-50.00%
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$500.00
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-60.00%
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$400.00
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-70.00%
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$300.00
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-80.00%
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$200.00
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-90.00%
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$100.00
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-100.00%
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$0.00
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Risk of significant loss at maturity; you may lose up to your entire investment.
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The stated payout from the issuer applies only at maturity.
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The potential upside return on the Trigger PLUS is limited to the maximum upside gain.
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The potential positive return on the Trigger PLUS from any negative performance of the underlying index is limited by the trigger level and the return on the Trigger PLUS may change significantly despite only a
small difference in the degree of change of the final index value relative to the initial index value.
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You will not receive any interest payments.
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The amount payable on the Trigger PLUS is not linked to the value of the underlying index at any time other than the valuation date.
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Owning the Trigger PLUS is not the same as owning the index constituent stocks.
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The absolute return feature is not the same as taking a short position directly in the underlying index or any index constituent stocks.
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An investment in the Trigger PLUS involves market risk associated with the underlying index.
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There can be no assurance that the investment view implicit in the Trigger PLUS will be successful.
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The underlying index reflects price return, not total return.
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Changes affecting the underlying index could have an adverse effect on the market value of, and any amount payable on, the Trigger PLUS.
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There is no affiliation between the index sponsor and BNS, and BNS is not responsible for any disclosure by such index sponsor.
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BNS’ initial estimated value of the Trigger PLUS at the time of pricing (when the terms of your Trigger PLUS are set on the pricing date) will be lower than the issue price of the Trigger PLUS.
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Neither BNS’ nor SCUSA’s estimated value of the Trigger PLUS at any time is determined by reference to credit spreads or the borrowing rate BNS would pay for its conventional fixed-rate debt securities.
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BNS’ initial estimated value of the Trigger PLUS does not represent future values of the Trigger PLUS and may differ from others’ (including SCUSA’s) estimates.
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The Trigger PLUS have limited liquidity.
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The price at which SCUSA would buy or sell your Trigger PLUS (if SCUSA makes a market, which it is not obligated to do) will be based on SCUSA’s estimated value of your Trigger PLUS. SCUSA’s estimated value of the
Trigger PLUS is determined by reference to its pricing models and takes into account BNS’ internal funding rate.
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The price of the Trigger PLUS prior to maturity will depend on a number of factors and may be substantially less than the stated principal amount.
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Payments on the Trigger PLUS are subject to the credit risk of BNS.
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Hedging activities by BNS and SCUSA may negatively impact investors in the Trigger PLUS and cause our respective interests and those of our clients and counterparties to be contrary to those of investors in the
Trigger PLUS.
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We, SCUSA and our other affiliates regularly provide services to, or otherwise have business relationships with, a broad client base, which has included and may include us and the index constituent stock issuers and
the market activities by us, SCUSA or our other affiliates for our or their own respective accounts or for our clients could negatively impact investors in the Trigger PLUS.
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Activities conducted by BNS and its affiliates may impact the value of the underlying index and the value of the Trigger PLUS.
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The calculation agent will have significant discretion with respect to the Trigger PLUS, which may be exercised in a manner that is adverse to your interests.
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BNS and its affiliates may publish research or make opinions or recommendations that are inconsistent with an investment in the Trigger PLUS.
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Uncertain tax treatment. Significant aspects of the tax treatment of the Trigger PLUS are uncertain. You should consult your tax advisor about your tax situation. See “Additional Information About the Trigger PLUS —
Tax Considerations” and “— Material Canadian Income Tax Consequences” in the preliminary pricing supplement.
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