[FWP] Bank of Nova Scotia Free Writing Prospectus
The Bank of Nova Scotia (BNS) is marketing Contingent Income Auto-Callable Securities linked to the common stock of GE Vernova Inc. (GEV UN). Each unlisted note has a $1,000 stated principal amount, a three-year tenor (pricing: 18-Jul-2025; maturity: 21-Jul-2028) and is issued under BNS鈥檚 Senior Note Program, Series A.
Income profile: On each quarterly determination date, holders receive a $31.25 coupon (12.50% p.a.) provided the underlying closes at or above the 50% downside threshold. Thanks to a 鈥渕emory鈥� feature, missed coupons are paid on a later date if the threshold is subsequently met.
Auto-call: If GEV trades at or above its initial price (100% call threshold) on any quarterly observation before the final date, the note is automatically redeemed at par plus the applicable coupon(s), terminating future payments.
Principal repayment: 鈥� At maturity, if GEV is 鈮� 50% of the initial price, investors receive par plus the final and any unpaid coupons. 鈥� If GEV is < 50%, repayment equals par multiplied by the share-performance factor, exposing investors to losses of more than 50% and potentially total loss.
Secondary considerations: The estimated value on the pricing date is $936.28-$966.28, below the issue price, reflecting upfront selling commission of $22.50 (2.25%) and structuring costs. The notes are senior unsecured obligations of BNS and carry its credit risk. They will not be listed, so liquidity relies on the issuer鈥檚 discretionary market-making.
Key risks highlighted include principal-at-risk, coupon deferral or non-payment, reinvestment risk if called, limited trading history for GEV, and uncertain U.S./Canadian tax treatment.
La Bank of Nova Scotia (BNS) sta promuovendo Contingent Income Auto-Callable Securities collegati alle azioni ordinarie di GE Vernova Inc. (GEV UN). Ogni nota non quotata ha un valore nominale di 1.000 $, una durata di tre anni (prezzo: 18-lug-2025; scadenza: 21-lug-2028) ed 猫 emessa nell'ambito del Programma Senior Note di BNS, Serie A.
Profilo di rendimento: In ogni data di determinazione trimestrale, i detentori ricevono un coupon di 31,25 $ (12,50% annuo) a condizione che il sottostante chiuda al di sopra o pari alla soglia di ribasso del 50%. Grazie a una funzione di 鈥渕emoria鈥�, i coupon non pagati vengono corrisposti in una data successiva se la soglia viene poi raggiunta.
Auto-call: Se GEV quota al livello del prezzo iniziale (soglia di richiamo al 100%) in una qualsiasi data di osservazione trimestrale prima della scadenza finale, la nota viene rimborsata automaticamente a valore nominale pi霉 i coupon dovuti, interrompendo i pagamenti futuri.
Rimborso del capitale: 鈥� Alla scadenza, se GEV 猫 鈮� 50% del prezzo iniziale, gli investitori ricevono il valore nominale pi霉 l鈥檜ltimo coupon e eventuali coupon non pagati. 鈥� Se GEV 猫 < 50%, il rimborso 猫 pari al valore nominale moltiplicato per il fattore di performance azionaria, esponendo gli investitori a perdite superiori al 50% e potenzialmente alla perdita totale.
Considerazioni secondarie: Il valore stimato alla data di pricing 猫 compreso tra 936,28 $ e 966,28 $, inferiore al prezzo di emissione, riflettendo una commissione di vendita anticipata di 22,50 $ (2,25%) e costi di strutturazione. Le note sono obbligazioni senior non garantite di BNS e comportano il rischio di credito dell鈥檈mittente. Non saranno quotate, quindi la liquidit脿 dipende dal market-making discrezionale dell鈥檈mittente.
Principali rischi evidenziati includono rischio sul capitale, differimento o mancato pagamento dei coupon, rischio di reinvestimento in caso di richiamo, storia di negoziazione limitata per GEV e trattamento fiscale incerto negli Stati Uniti e in Canada.
El Bank of Nova Scotia (BNS) est谩 comercializando Valores Autollamables con Ingresos Contingentes vinculados a las acciones comunes de GE Vernova Inc. (GEV UN). Cada nota no listada tiene un valor nominal de
Perfil de ingresos: En cada fecha de determinaci贸n trimestral, los tenedores reciben un cup贸n de $31.25 (12.50% anual) siempre que el subyacente cierre en o por encima del umbral de ca铆da del 50%. Gracias a una funci贸n de 鈥渕emoria鈥�, los cupones no pagados se abonan en una fecha posterior si se cumple el umbral.
Auto-llamada: Si GEV cotiza en o por encima de su precio inicial (umbral de llamada del 100%) en cualquier observaci贸n trimestral antes de la fecha final, la nota se redime autom谩ticamente al valor nominal m谩s los cupones aplicables, terminando los pagos futuros.
Reembolso del principal: 鈥� Al vencimiento, si GEV es 鈮� 50% del precio inicial, los inversores reciben el valor nominal m谩s el cup贸n final y cualquier cup贸n no pagado. 鈥� Si GEV es < 50%, el reembolso equivale al valor nominal multiplicado por el factor de rendimiento de la acci贸n, exponiendo a los inversores a p茅rdidas superiores al 50% y potencialmente a la p茅rdida total.
Consideraciones secundarias: El valor estimado en la fecha de precio es de $936.28-$966.28, por debajo del precio de emisi贸n, reflejando una comisi贸n de venta inicial de $22.50 (2.25%) y costos de estructuraci贸n. Las notas son obligaciones senior no garantizadas de BNS y conllevan su riesgo crediticio. No estar谩n listadas, por lo que la liquidez depende del market-making discrecional del emisor.
Riesgos clave destacados incluyen riesgo de p茅rdida de principal, aplazamiento o impago de cupones, riesgo de reinversi贸n si se llama, historial limitado de negociaci贸n para GEV y tratamiento fiscal incierto en EE.UU. y Canad谩.
雲鸽皵鞀れ綌靸� 鞚�頄�(BNS)鞚� GE Vernova Inc. (GEV UN)鞚� 氤错喌欤检棎 鞐瓣硠霅� 臁瓣贝攵� 靻岆摑 鞛愲彊靸來櫂 歃濌秾鞚� 韺愲Г頃橁碃 鞛堨姷雼堧嫟. 臧� 牍勳儊鞛� 雲疙姼電� 1,000雼煬 氇呺旮堨暋, 3雲� 毵岅赴(臧�瓴� 靷办爼鞚�: 2025雲� 7鞗� 18鞚�; 毵岅赴: 2028雲� 7鞗� 21鞚�)鞚措┌ BNS鞚� 鞁滊媹鞏� 雲疙姼 頂勲攴鸽灗, 鞁滊Μ歃� A 頃橃棎 氚滍枆霅╇媹雼�.
靾橃澋 頂勲頃�: 攵勱赴氤� 瓴办爼鞚茧雼� 旮办磮鞛愳偘鞚� 50% 頃橂澖 頃滉硠靹� 鞚挫儊鞐愳劀 毵堦皭頃橂┐ 氤挫湢鞛愲姅 31.25雼煬 炜犿彴(鞐� 12.50%)鞚� 氚涭姷雼堧嫟. 鈥滊⿺氇Μ鈥� 旮半姤 雿曤秳鞐� 氙胳旮� 炜犿彴鞚� 鞚错泟 頃滉硠靹犾澊 於╈”霅橂┐ 歆�旮夒惄雼堧嫟.
鞛愲彊靸来櫂: 斓滌鞚� 鞚挫爠 攵勱赴 甏�旄§澕 欷� GEV臧� 斓滌磮 臧�瓴�(100% 靸來櫂 頃滉硠靹�) 鞚挫儊鞙茧 瓯半灅霅橂┐, 雲疙姼電� 鞗愱笀瓿� 頃措嫻 炜犿彴瓿� 頃粯 鞛愲彊 靸來櫂霅橃柎 鞚错泟 歆�旮夓澊 膦呺霅╇媹雼�.
鞗愱笀 靸來櫂: 鈥� 毵岅赴 鞁� GEV臧� 斓滌磮 臧�瓴╈潣 50% 鞚挫儊鞚措┐ 韴瀽鞛愲姅 鞗愱笀瓿� 斓滌 炜犿彴 氚� 氙胳旮� 炜犿彴鞚� 氚涭姷雼堧嫟. 鈥� GEV臧� 50% 氙鸽鞚措┐ 靸來櫂旮堨潃 鞗愱笀鞐� 欤缄皜 靹标臣 瓿勳垬毳� 瓿表暅 旮堨暋鞙茧, 韴瀽鞛愲姅 50% 鞚挫儊鞚� 靻愳嫟瓿� 鞝勳暋 靻愳嫟 鞙勴棙鞐� 雲胳稖霅╇媹雼�.
旮绊儉 瓿犽牑靷暛: 臧�瓴� 靷办爼鞚� 旮办 鞓堨儊 臧�旃橂姅 936.28词966.28雼煬搿�, 氚滍枆臧�氤措嫟 雮溂氅� 靹犾法 韺愲Г 靾橃垬耄� 22.50雼煬(2.25%)鞕� 甑“頇� 牍勳毄鞚� 氚橃榿霅橃棃鞀惦媹雼�. 雲疙姼電� BNS鞚� 氍措嫶氤� 靹犾垳鞙� 毂勲鞚措┌ 鞁犾毄 鞙勴棙鞚� 靾橂皹頃╇媹雼�. 靸侅灔霅橃 鞎婌晞 鞙犽彊靹膘潃 氚滍枆鞛愳潣 鞛焿鞐� 霐半ジ 鞁滌灔 臁办劚鞐� 鞚橃〈頃╇媹雼�.
欤检殧 鞙勴棙鞙茧電� 鞗愱笀 靻愳嫟 鞙勴棙, 炜犿彴 鞐瓣赴 霕愲姅 氙胳旮�, 靸來櫂 鞁� 鞛埇鞛� 鞙勴棙, GEV鞚� 鞝滍暅霅� 瓯半灅 鞚措牓, 氙戈淡 氚� 旌愲倶雼れ潣 攵堩檿鞁ろ暅 靹戈笀 觳橂Μ臧� 韽暔霅╇媹雼�.
La Banque de Nouvelle-脡cosse (BNS) commercialise des Contingent Income Auto-Callable Securities li茅s aux actions ordinaires de GE Vernova Inc. (GEV UN). Chaque note non cot茅e a une valeur nominale de 1 000 $, une dur茅e de trois ans (fixation du prix : 18 juil. 2025 ; 茅ch茅ance : 21 juil. 2028) et est 茅mise dans le cadre du programme Senior Note de BNS, s茅rie A.
Profil de revenu : 脌 chaque date de d茅termination trimestrielle, les d茅tenteurs re莽oivent un coupon de 31,25 $ (12,50 % par an) 脿 condition que le sous-jacent cl么ture au-dessus ou 脿 茅galit茅 du seuil de baisse de 50 %. Gr芒ce 脿 une fonction 芦 m茅moire 禄, les coupons manqu茅s sont vers茅s ult茅rieurement si le seuil est ensuite atteint.
Rappel automatique : Si GEV se n茅gocie au-dessus ou 脿 son prix initial (seuil d鈥檃ppel 脿 100 %) lors de toute observation trimestrielle avant la date finale, la note est automatiquement rembours茅e 脿 sa valeur nominale plus les coupons applicables, mettant fin aux paiements futurs.
Remboursement du principal : 鈥� 脌 l鈥櫭ヽh茅ance, si GEV est 鈮� 50 % du prix initial, les investisseurs re莽oivent la valeur nominale plus le dernier coupon et tout coupon impay茅. 鈥� Si GEV est < 50 %, le remboursement correspond 脿 la valeur nominale multipli茅e par le facteur de performance de l鈥檃ction, exposant les investisseurs 脿 des pertes sup茅rieures 脿 50 % et potentiellement 脿 une perte totale.
Consid茅rations secondaires : La valeur estim茅e 脿 la date de fixation du prix est comprise entre 936,28 $ et 966,28 $, inf茅rieure au prix d鈥櫭﹎ission, refl茅tant une commission de vente initiale de 22,50 $ (2,25 %) et des co没ts de structuration. Les notes sont des obligations senior non garanties de BNS et comportent son risque de cr茅dit. Elles ne seront pas cot茅es, donc la liquidit茅 d茅pendra du market-making discr茅tionnaire de l鈥櫭﹎etteur.
Principaux risques mis en avant incluent le risque sur le principal, le report ou non-paiement des coupons, le risque de r茅investissement en cas de rappel, un historique de n茅gociation limit茅 pour GEV, et une incertitude fiscale aux 脡tats-Unis et au Canada.
Die Bank of Nova Scotia (BNS) vermarktet Contingent Income Auto-Callable Securities, die an die Stammaktien von GE Vernova Inc. (GEV UN) gekoppelt sind. Jede nicht b枚rsennotierte Note hat einen Nennwert von 1.000 $, eine Laufzeit von drei Jahren (Preisfeststellung: 18.07.2025; F盲lligkeit: 21.07.2028) und wird im Rahmen des Senior Note Programms, Serie A von BNS ausgegeben.
Einkommensprofil: An jedem viertelj盲hrlichen Feststellungstag erhalten Inhaber einen Kupon von 31,25 $ (12,50 % p.a.), sofern der Basiswert auf oder 眉ber der 50 % Abw盲rtsgrenze schlie脽t. Dank einer 鈥濵emory鈥�-Funktion werden ausgefallene Kupons zu einem sp盲teren Zeitpunkt nachgezahlt, wenn die Schwelle sp盲ter erreicht wird.
Auto-Call: Wenn GEV an einem der viertelj盲hrlichen Beobachtungstage vor dem Enddatum zum oder 眉ber dem Anfangspreis (100 % Call-Schwelle) handelt, wird die Note automatisch zum Nennwert plus f盲lliger Kupons zur眉ckgezahlt, wodurch zuk眉nftige Zahlungen enden.
碍补辫颈迟补濒谤眉肠办锄补丑濒耻苍驳: 鈥� Bei F盲lligkeit erhalten Anleger, falls GEV 鈮� 50 % des Anfangspreises ist, den Nennwert plus den letzten und alle nicht gezahlten Kupons. 鈥� Ist GEV < 50 %, entspricht die R眉ckzahlung dem Nennwert multipliziert mit dem Aktien-Performance-Faktor, was Anleger einem Verlust von mehr als 50 % und m枚glicherweise einem Totalverlust aussetzt.
Sekund盲re 脺berlegungen: Der gesch盲tzte Wert am Preisfeststellungstag liegt bei 936,28 $ bis 966,28 $, unter dem Ausgabepreis, was eine anf盲ngliche Verkaufsprovision von 22,50 $ (2,25 %) und Strukturierungskosten widerspiegelt. Die Notes sind unbesicherte Seniorverbindlichkeiten von BNS und tragen das Kreditrisiko des Emittenten. Sie werden nicht b枚rslich gehandelt, sodass die Liquidit盲t vom diskretion盲ren Market Making des Emittenten abh盲ngt.
Wesentliche Risiken umfassen das Risiko des Kapitalverlusts, Kuponstundungen oder -ausf盲lle, Reinvestitionsrisiken bei R眉ckruf, eingeschr盲nkte Handelshistorie von GEV sowie unsichere steuerliche Behandlung in den USA und Kanada.
- High coupon potential: 12.50% annualized contingent income with memory feature can enhance cash flow in flat or moderately declining markets.
- 50% downside buffer: Investors are protected from loss of principal provided GE Vernova does not fall more than 50% at final observation.
- Auto-call mechanism: Early redemption at par plus coupon can shorten duration and boost annualized return if the underlying performs well.
- Principal at risk: If GE Vernova closes below 50% of the initial price at maturity, repayment declines one-for-one, potentially to zero.
- Capped upside: Investors forgo any appreciation in GE Vernova above the call threshold, limiting total return to received coupons.
- Secondary market risk: No exchange listing; liquidity is reliant on the issuer鈥檚 discretionary bid, likely at a material discount.
- Economic value gap: Estimated value of $936.28-$966.28 indicates a 3-6% structuring margin plus 2.25% commission embedded in the issue price.
Insights
TL;DR: Standard equity-linked autocall offers 12.5% yield but embeds 50% buffer; economic value ~3-6% below issue price; credit and liquidity risks persist.
The note鈥檚 12.5% headline coupon is attractive in today鈥檚 rate backdrop, yet investors are effectively short a down-and-in put on GEV shares, capped at a 50% barrier. With only par repayment above the threshold, upside is foregone while downside is open beyond 50%. The issuer鈥檚 estimated value (鈮� $966.28) implies a 3.4-6.4% structuring margin, in line with market norms. Lack of listing and discretionary market-making add exit-cost uncertainty. From BNS鈥檚 perspective, such issues raise non-core funding at a modest premium, but the scale is immaterial to group capital. Overall market impact is neutral; suitability depends on investors鈥� income preference versus equity downside tolerance.
TL;DR: Credit risk is moderate given BNS鈥檚 high investment-grade profile; note performance more sensitive to GEV equity path than to issuer solvency.
BNS holds long-standing ratings in the low-AA/high-A range from major agencies, suggesting low default probability over three years. Nevertheless, the note is senior unsecured, ranking pari passu with other BNS debt. Should BNS face stress, recovery on structured notes historically trails conventional bonds due to limited secondary demand. Investors must also weigh the limited operating history of GE Vernova, potentially increasing equity volatility and coupon uncertainty. In my view, the credit component is acceptable for most IG-oriented portfolios, but the equity-linked risk dominates valuation.
La Bank of Nova Scotia (BNS) sta promuovendo Contingent Income Auto-Callable Securities collegati alle azioni ordinarie di GE Vernova Inc. (GEV UN). Ogni nota non quotata ha un valore nominale di 1.000 $, una durata di tre anni (prezzo: 18-lug-2025; scadenza: 21-lug-2028) ed 猫 emessa nell'ambito del Programma Senior Note di BNS, Serie A.
Profilo di rendimento: In ogni data di determinazione trimestrale, i detentori ricevono un coupon di 31,25 $ (12,50% annuo) a condizione che il sottostante chiuda al di sopra o pari alla soglia di ribasso del 50%. Grazie a una funzione di 鈥渕emoria鈥�, i coupon non pagati vengono corrisposti in una data successiva se la soglia viene poi raggiunta.
Auto-call: Se GEV quota al livello del prezzo iniziale (soglia di richiamo al 100%) in una qualsiasi data di osservazione trimestrale prima della scadenza finale, la nota viene rimborsata automaticamente a valore nominale pi霉 i coupon dovuti, interrompendo i pagamenti futuri.
Rimborso del capitale: 鈥� Alla scadenza, se GEV 猫 鈮� 50% del prezzo iniziale, gli investitori ricevono il valore nominale pi霉 l鈥檜ltimo coupon e eventuali coupon non pagati. 鈥� Se GEV 猫 < 50%, il rimborso 猫 pari al valore nominale moltiplicato per il fattore di performance azionaria, esponendo gli investitori a perdite superiori al 50% e potenzialmente alla perdita totale.
Considerazioni secondarie: Il valore stimato alla data di pricing 猫 compreso tra 936,28 $ e 966,28 $, inferiore al prezzo di emissione, riflettendo una commissione di vendita anticipata di 22,50 $ (2,25%) e costi di strutturazione. Le note sono obbligazioni senior non garantite di BNS e comportano il rischio di credito dell鈥檈mittente. Non saranno quotate, quindi la liquidit脿 dipende dal market-making discrezionale dell鈥檈mittente.
Principali rischi evidenziati includono rischio sul capitale, differimento o mancato pagamento dei coupon, rischio di reinvestimento in caso di richiamo, storia di negoziazione limitata per GEV e trattamento fiscale incerto negli Stati Uniti e in Canada.
El Bank of Nova Scotia (BNS) est谩 comercializando Valores Autollamables con Ingresos Contingentes vinculados a las acciones comunes de GE Vernova Inc. (GEV UN). Cada nota no listada tiene un valor nominal de
Perfil de ingresos: En cada fecha de determinaci贸n trimestral, los tenedores reciben un cup贸n de $31.25 (12.50% anual) siempre que el subyacente cierre en o por encima del umbral de ca铆da del 50%. Gracias a una funci贸n de 鈥渕emoria鈥�, los cupones no pagados se abonan en una fecha posterior si se cumple el umbral.
Auto-llamada: Si GEV cotiza en o por encima de su precio inicial (umbral de llamada del 100%) en cualquier observaci贸n trimestral antes de la fecha final, la nota se redime autom谩ticamente al valor nominal m谩s los cupones aplicables, terminando los pagos futuros.
Reembolso del principal: 鈥� Al vencimiento, si GEV es 鈮� 50% del precio inicial, los inversores reciben el valor nominal m谩s el cup贸n final y cualquier cup贸n no pagado. 鈥� Si GEV es < 50%, el reembolso equivale al valor nominal multiplicado por el factor de rendimiento de la acci贸n, exponiendo a los inversores a p茅rdidas superiores al 50% y potencialmente a la p茅rdida total.
Consideraciones secundarias: El valor estimado en la fecha de precio es de $936.28-$966.28, por debajo del precio de emisi贸n, reflejando una comisi贸n de venta inicial de $22.50 (2.25%) y costos de estructuraci贸n. Las notas son obligaciones senior no garantizadas de BNS y conllevan su riesgo crediticio. No estar谩n listadas, por lo que la liquidez depende del market-making discrecional del emisor.
Riesgos clave destacados incluyen riesgo de p茅rdida de principal, aplazamiento o impago de cupones, riesgo de reinversi贸n si se llama, historial limitado de negociaci贸n para GEV y tratamiento fiscal incierto en EE.UU. y Canad谩.
雲鸽皵鞀れ綌靸� 鞚�頄�(BNS)鞚� GE Vernova Inc. (GEV UN)鞚� 氤错喌欤检棎 鞐瓣硠霅� 臁瓣贝攵� 靻岆摑 鞛愲彊靸來櫂 歃濌秾鞚� 韺愲Г頃橁碃 鞛堨姷雼堧嫟. 臧� 牍勳儊鞛� 雲疙姼電� 1,000雼煬 氇呺旮堨暋, 3雲� 毵岅赴(臧�瓴� 靷办爼鞚�: 2025雲� 7鞗� 18鞚�; 毵岅赴: 2028雲� 7鞗� 21鞚�)鞚措┌ BNS鞚� 鞁滊媹鞏� 雲疙姼 頂勲攴鸽灗, 鞁滊Μ歃� A 頃橃棎 氚滍枆霅╇媹雼�.
靾橃澋 頂勲頃�: 攵勱赴氤� 瓴办爼鞚茧雼� 旮办磮鞛愳偘鞚� 50% 頃橂澖 頃滉硠靹� 鞚挫儊鞐愳劀 毵堦皭頃橂┐ 氤挫湢鞛愲姅 31.25雼煬 炜犿彴(鞐� 12.50%)鞚� 氚涭姷雼堧嫟. 鈥滊⿺氇Μ鈥� 旮半姤 雿曤秳鞐� 氙胳旮� 炜犿彴鞚� 鞚错泟 頃滉硠靹犾澊 於╈”霅橂┐ 歆�旮夒惄雼堧嫟.
鞛愲彊靸来櫂: 斓滌鞚� 鞚挫爠 攵勱赴 甏�旄§澕 欷� GEV臧� 斓滌磮 臧�瓴�(100% 靸來櫂 頃滉硠靹�) 鞚挫儊鞙茧 瓯半灅霅橂┐, 雲疙姼電� 鞗愱笀瓿� 頃措嫻 炜犿彴瓿� 頃粯 鞛愲彊 靸來櫂霅橃柎 鞚错泟 歆�旮夓澊 膦呺霅╇媹雼�.
鞗愱笀 靸來櫂: 鈥� 毵岅赴 鞁� GEV臧� 斓滌磮 臧�瓴╈潣 50% 鞚挫儊鞚措┐ 韴瀽鞛愲姅 鞗愱笀瓿� 斓滌 炜犿彴 氚� 氙胳旮� 炜犿彴鞚� 氚涭姷雼堧嫟. 鈥� GEV臧� 50% 氙鸽鞚措┐ 靸來櫂旮堨潃 鞗愱笀鞐� 欤缄皜 靹标臣 瓿勳垬毳� 瓿表暅 旮堨暋鞙茧, 韴瀽鞛愲姅 50% 鞚挫儊鞚� 靻愳嫟瓿� 鞝勳暋 靻愳嫟 鞙勴棙鞐� 雲胳稖霅╇媹雼�.
旮绊儉 瓿犽牑靷暛: 臧�瓴� 靷办爼鞚� 旮办 鞓堨儊 臧�旃橂姅 936.28词966.28雼煬搿�, 氚滍枆臧�氤措嫟 雮溂氅� 靹犾法 韺愲Г 靾橃垬耄� 22.50雼煬(2.25%)鞕� 甑“頇� 牍勳毄鞚� 氚橃榿霅橃棃鞀惦媹雼�. 雲疙姼電� BNS鞚� 氍措嫶氤� 靹犾垳鞙� 毂勲鞚措┌ 鞁犾毄 鞙勴棙鞚� 靾橂皹頃╇媹雼�. 靸侅灔霅橃 鞎婌晞 鞙犽彊靹膘潃 氚滍枆鞛愳潣 鞛焿鞐� 霐半ジ 鞁滌灔 臁办劚鞐� 鞚橃〈頃╇媹雼�.
欤检殧 鞙勴棙鞙茧電� 鞗愱笀 靻愳嫟 鞙勴棙, 炜犿彴 鞐瓣赴 霕愲姅 氙胳旮�, 靸來櫂 鞁� 鞛埇鞛� 鞙勴棙, GEV鞚� 鞝滍暅霅� 瓯半灅 鞚措牓, 氙戈淡 氚� 旌愲倶雼れ潣 攵堩檿鞁ろ暅 靹戈笀 觳橂Μ臧� 韽暔霅╇媹雼�.
La Banque de Nouvelle-脡cosse (BNS) commercialise des Contingent Income Auto-Callable Securities li茅s aux actions ordinaires de GE Vernova Inc. (GEV UN). Chaque note non cot茅e a une valeur nominale de 1 000 $, une dur茅e de trois ans (fixation du prix : 18 juil. 2025 ; 茅ch茅ance : 21 juil. 2028) et est 茅mise dans le cadre du programme Senior Note de BNS, s茅rie A.
Profil de revenu : 脌 chaque date de d茅termination trimestrielle, les d茅tenteurs re莽oivent un coupon de 31,25 $ (12,50 % par an) 脿 condition que le sous-jacent cl么ture au-dessus ou 脿 茅galit茅 du seuil de baisse de 50 %. Gr芒ce 脿 une fonction 芦 m茅moire 禄, les coupons manqu茅s sont vers茅s ult茅rieurement si le seuil est ensuite atteint.
Rappel automatique : Si GEV se n茅gocie au-dessus ou 脿 son prix initial (seuil d鈥檃ppel 脿 100 %) lors de toute observation trimestrielle avant la date finale, la note est automatiquement rembours茅e 脿 sa valeur nominale plus les coupons applicables, mettant fin aux paiements futurs.
Remboursement du principal : 鈥� 脌 l鈥櫭ヽh茅ance, si GEV est 鈮� 50 % du prix initial, les investisseurs re莽oivent la valeur nominale plus le dernier coupon et tout coupon impay茅. 鈥� Si GEV est < 50 %, le remboursement correspond 脿 la valeur nominale multipli茅e par le facteur de performance de l鈥檃ction, exposant les investisseurs 脿 des pertes sup茅rieures 脿 50 % et potentiellement 脿 une perte totale.
Consid茅rations secondaires : La valeur estim茅e 脿 la date de fixation du prix est comprise entre 936,28 $ et 966,28 $, inf茅rieure au prix d鈥櫭﹎ission, refl茅tant une commission de vente initiale de 22,50 $ (2,25 %) et des co没ts de structuration. Les notes sont des obligations senior non garanties de BNS et comportent son risque de cr茅dit. Elles ne seront pas cot茅es, donc la liquidit茅 d茅pendra du market-making discr茅tionnaire de l鈥櫭﹎etteur.
Principaux risques mis en avant incluent le risque sur le principal, le report ou non-paiement des coupons, le risque de r茅investissement en cas de rappel, un historique de n茅gociation limit茅 pour GEV, et une incertitude fiscale aux 脡tats-Unis et au Canada.
Die Bank of Nova Scotia (BNS) vermarktet Contingent Income Auto-Callable Securities, die an die Stammaktien von GE Vernova Inc. (GEV UN) gekoppelt sind. Jede nicht b枚rsennotierte Note hat einen Nennwert von 1.000 $, eine Laufzeit von drei Jahren (Preisfeststellung: 18.07.2025; F盲lligkeit: 21.07.2028) und wird im Rahmen des Senior Note Programms, Serie A von BNS ausgegeben.
Einkommensprofil: An jedem viertelj盲hrlichen Feststellungstag erhalten Inhaber einen Kupon von 31,25 $ (12,50 % p.a.), sofern der Basiswert auf oder 眉ber der 50 % Abw盲rtsgrenze schlie脽t. Dank einer 鈥濵emory鈥�-Funktion werden ausgefallene Kupons zu einem sp盲teren Zeitpunkt nachgezahlt, wenn die Schwelle sp盲ter erreicht wird.
Auto-Call: Wenn GEV an einem der viertelj盲hrlichen Beobachtungstage vor dem Enddatum zum oder 眉ber dem Anfangspreis (100 % Call-Schwelle) handelt, wird die Note automatisch zum Nennwert plus f盲lliger Kupons zur眉ckgezahlt, wodurch zuk眉nftige Zahlungen enden.
碍补辫颈迟补濒谤眉肠办锄补丑濒耻苍驳: 鈥� Bei F盲lligkeit erhalten Anleger, falls GEV 鈮� 50 % des Anfangspreises ist, den Nennwert plus den letzten und alle nicht gezahlten Kupons. 鈥� Ist GEV < 50 %, entspricht die R眉ckzahlung dem Nennwert multipliziert mit dem Aktien-Performance-Faktor, was Anleger einem Verlust von mehr als 50 % und m枚glicherweise einem Totalverlust aussetzt.
Sekund盲re 脺berlegungen: Der gesch盲tzte Wert am Preisfeststellungstag liegt bei 936,28 $ bis 966,28 $, unter dem Ausgabepreis, was eine anf盲ngliche Verkaufsprovision von 22,50 $ (2,25 %) und Strukturierungskosten widerspiegelt. Die Notes sind unbesicherte Seniorverbindlichkeiten von BNS und tragen das Kreditrisiko des Emittenten. Sie werden nicht b枚rslich gehandelt, sodass die Liquidit盲t vom diskretion盲ren Market Making des Emittenten abh盲ngt.
Wesentliche Risiken umfassen das Risiko des Kapitalverlusts, Kuponstundungen oder -ausf盲lle, Reinvestitionsrisiken bei R眉ckruf, eingeschr盲nkte Handelshistorie von GEV sowie unsichere steuerliche Behandlung in den USA und Kanada.
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ISSUER FREE WRITING PROSPECTUS Filed Pursuant to Rule 433 Registration Statement No. 333-282565 Dated July 10, 2025 |
Contingent Income Auto-Callable Securities due on or about July 21, 2028
Based on the Performance of the Common Stock of GE Vernova Inc.
Principal at Risk Securities
This document provides a summary of the terms of the Contingent Income Auto-Callable Securities (the “securities”). Investors should carefully review the accompanying preliminary pricing supplement for the securities, the accompanying product supplement, the prospectus supplement and the prospectus, as well as the “Risk Considerations” section below, before making an investment decision.
The securities do not guarantee any return of principal at maturity. Investors will not participate in any appreciation of the underlying stock and must be willing to accept the risk of not receiving any contingent quarterly coupons over the term of the securities. The securities are senior unsecured debt securities issued by The Bank of Nova Scotia (“BNS”), and all payments on the securities are subject to the credit risk of BNS. As used in this document, “we,” “us,” or “our” refers to BNS.
| SUMMARY TERMS | |
| Issuer: | The Bank of Nova Scotia |
| Issue: | Senior Note Program, Series A |
| Underlying stock: | Common stock of GE Vernova Inc. (Bloomberg Ticker: “GEV UN”) |
| Stated principal amount: | $1,000.00 per security |
| Minimum investment: | $1,000 (1 security) |
| Pricing date: | July 18, 2025 |
| Original issue date: | July 23, 2025 (3 business days after the pricing date; see preliminary pricing supplement). |
| Final determination date: | July 18, 2028, subject to postponement for certain market disruption events and as described in the accompanying product supplement. |
| Maturity date: | July 21, 2028, subject to postponement for certain market disruption events and as described in the accompanying product supplement. |
| Early redemption: | If the closing price of the underlying stock on any determination date other than the final determination date is greater than or equal to the call threshold price, the securities will be automatically redeemed for an amount per security equal to the early redemption payment on the first contingent coupon payment date immediately following the related determination date. No further payments will be made on the securities once they have been redeemed. |
| Early redemption payment: | The early redemption payment will be an amount equal to (i) the stated principal amount plus (ii) the contingent quarterly coupon with respect to the applicable determination date and any previously unpaid contingent quarterly coupons with respect to any previous determination dates pursuant to the memory coupon feature. |
| Contingent quarterly coupon: |
▪ If the closing price on any determination date is greater than or equal to the downside threshold price, we will pay on the related contingent coupon payment date a contingent quarterly coupon of $31.25 (equivalent to 12.50% per annum of the stated principal amount) per security, plus any previously unpaid contingent quarterly coupons with respect to any previous determination dates pursuant to the memory coupon feature. ▪ If the closing price on any determination date is less than the downside threshold price, we will not pay a contingent quarterly coupon on the related contingent coupon payment date. |
| Memory coupon feature: |
If a contingent quarterly coupon is not paid on a contingent coupon payment date (other than the maturity date) because the closing price of the underlying stock on the related determination date is less than the downside threshold price, such contingent quarterly coupon will be paid on a later contingent coupon payment date if the closing price of the underlying stock on the determination date corresponding to such later contingent coupon payment date is greater than or equal to the downside threshold price. For the avoidance of doubt, once a previously unpaid contingent quarterly coupon has been paid on a later contingent coupon payment date, it will not be made again on any subsequent contingent coupon payment date. If the closing price of the underlying stock on each of the determination dates is less than the downside threshold price, you will receive no contingent quarterly coupons during the term of, and will not receive a positive return on, the securities. |
| Determination dates: | Quarterly (as set forth on the cover of the preliminary pricing supplement), subject to postponement for non-trading days and certain market disruption events as described in the accompanying product supplement. |
| Contingent coupon payment dates: | Quarterly (as set forth on the cover of the preliminary pricing supplement), subject to postponement for non-business days and certain market disruption events as described in the accompanying product supplement. |
| Payment at maturity: |
▪ If the final share price is greater than or equal to the downside threshold price: (i) the stated principal amount plus (ii) the contingent quarterly coupon with respect to the final determination date and any previously unpaid contingent quarterly coupons with respect to any previous determination dates pursuant to the memory coupon feature ▪ If the final share price is less than the downside threshold price: (i) the stated principal amount multiplied by (ii) the share performance factor If the final share price is less than the downside threshold price, the payment at maturity will be less than 50.00% of the stated principal amount and could be as low as zero. |
| Share performance factor: | Final share price divided by the initial share price |
| Call threshold price: | 100.00% of the initial share price, as may be adjusted in the case of certain adjustment events as described in the accompanying product supplement |
| Downside threshold price: | 50.00% of the initial share price, as may be adjusted in the case of certain adjustment events as described in the accompanying product supplement |
| Initial share price: | The closing price of the underlying stock on the pricing date, as may be adjusted in the case of certain adjustment events as described in the accompanying product supplement. |
| Final share price: | The closing price of the underlying stock on the final determination date, as may be adjusted in the case of certain adjustment events as described in the accompanying product supplement |
| CUSIP / ISIN: | 06419DAZ6 / US06419DAZ69 |
| Listing: | The securities will not be listed or displayed on any securities exchange or any electronic communications network. |
| Commission: | $22.50 per stated principal amount. |
| Estimated value on the pricing date: | Expected to be between $936.28 and $966.28 per security. See “Risk Factors” in the preliminary pricing supplement. |
| Preliminary pricing supplement: | http://www.sec.gov/Archives/edgar/data/9631/000183988225038188/bns_424b2-20818.htm |
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HYPOTHETICAL PAYOUT |
The below figures are based on a hypothetical downside threshold price of 50.00% of a hypothetical initial share price and are purely hypothetical (the actual terms of your securities will be determined on the pricing date and will be specified in the final pricing supplement).
Hypothetical Payment at Maturity if No Early Redemption Occurs
|
Change in Underlying Stock |
Payment at Maturity (excluding any contingent quarterly coupon payable at maturity) |
|
+50.00% |
$1,000.00 |
|
+40.00% |
$1,000.00 |
|
+30.00% |
$1,000.00 |
|
+20.00% |
$1,000.00 |
|
+10.00% |
$1,000.00 |
|
0.00% |
$1,000.00 |
|
-10.00% |
$1,000.00 |
|
-20.00% |
$1,000.00 |
|
-30.00% |
$1,000.00 |
|
-40.00% |
$1,000.00 |
|
-50.00% |
$1,000.00 |
|
-51.00% |
$490.00 |
|
-60.00% |
$400.00 |
|
-70.00% |
$300.00 |
|
-80.00% |
$200.00 |
|
-90.00% |
$100.00 |
|
-100.00% |
$0.00 |
A-1
You will find a link to the accompanying preliminary pricing supplement for the securities above and links to the accompanying product supplement and accompanying prospectus for the securities under “Additional Information About BNS and the Securities” in the preliminary pricing supplement, which you should read and understand prior to investing in the securities.
The issuer has filed a registration statement (including a prospectus as supplemented by a prospectus supplement, product supplement and the preliminary pricing supplement) with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the accompanying prospectus in that registration statement and the other documents the issuer has filed with the SEC, including the accompanying preliminary pricing supplement and the accompanying prospectus supplement and product supplement, for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling (212) 225-5678. Our Central Index Key, or CIK, on the SEC web site is 0000009631.
Risk Considerations
The risks set forth below are discussed in more detail in the “Risk Factors” section in the preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.
Risks Relating to Return Characteristics
▪Risk of loss at maturity.
▪Contingent repayment of stated principal amount only at maturity.
▪You may not receive any contingent quarterly coupons.
▪Greater expected volatility with respect to the underlying stock generally reflects a higher contingent quarterly coupon and a higher expectation as of the pricing date that the final share price of the underlying stock could be less than the downside threshold price on the final determination date.
▪The securities are subject to reinvestment risk in the event of an early redemption.
▪The contingent quarterly coupon, if any, is based solely on the closing price or the final share price, as applicable.
▪Your potential return on the securities is limited, you will not participate in any appreciation of the underlying stock and you will not realize a return beyond the returns represented by the contingent quarterly coupons received, if any, during the term of the securities.
Risks Relating to Characteristics of the Underlying Stock
▪The securities are subject to risks associated with investments in single equity securities.
▪There can be no assurance that the investment view implicit in the securities will be successful.
▪There is no affiliation between BNS and the underlying stock issuer.
▪There is limited trading history for the underlying stock.
Risks Relating to Estimated Value and Liquidity
▪BNS’ initial estimated value of the securities at the time of pricing (when the terms of your securities are set on the pricing date) will be lower than the issue price of the securities.
▪Neither BNS’ nor SCUSA’s estimated value of the securities at any time is determined by reference to credit spreads or the borrowing rate BNS would pay for its conventional fixed-rate debt securities.
▪BNS’ initial estimated value of the securities does not represent future values of the securities and may differ from others’ (including SCUSA’s) estimates.
▪The securities have limited liquidity.
▪The price at which SCUSA would buy or sell your securities (if SCUSA makes a market, which it is not obligated to do) will be based on SCUSA’s estimated value of your securities.
▪The price of the securities prior to maturity will depend on a number of factors and may be substantially less than the stated principal amount.
Risks Relating to General Credit Characteristics
▪Payments on the securities are subject to the credit risk of BNS.
Risks Relating to Hedging Activities and Conflicts of Interest
▪Hedging activities by BNS and SCUSA 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.
▪The calculation agent can make antidilution and other adjustments that may adversely affect the market value of, and any amounts payable on, the securities.
▪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 underlying stock issuer 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 securities.
▪Activities conducted by BNS and its affiliates may impact the market price of the underlying stock and the value of the securities.
▪The calculation agent will have significant discretion with respect to the securities, which may be exercised in a manner that is adverse to your interests.
▪BNS and its affiliates may publish research or make opinions or recommendations that are inconsistent with an investment in the securities.
Risks Relating to Canadian and U.S. Federal Income Taxation
▪Uncertain tax treatment. Significant aspects of the tax treatment of the securities are uncertain. You should consult your tax advisor about your tax situation. See “Additional Information About the Securities — Tax Considerations” and “— Material Canadian Income Tax Consequences” in the preliminary pricing supplement.
Underlying Stock
For information about the underlying stock, including historical performance information, see “Information About the Underlying Stock” in the preliminary pricing supplement.
A-2
Source:
FAQ
What is the coupon rate for BNS Contingent Income Auto-Callable Securities?
When can the BNS securities be auto-called?
How is principal protected on these BNS notes?
What is the estimated value versus the issue price?
Are the notes listed on an exchange?
What credit risk do investors face?
