[FWP] Bank of Nova Scotia Free Writing Prospectus
Bank of Nova Scotia (BNS) is marketing Contingent Income Auto-Callable Securities linked to the common stock of Uber Technologies, Inc. (ticker: UBER UN). Each unlisted note has a $1,000 face amount, prices on 18-Jul-2025 and matures (unless called) on 21-Jul-2028. The securities offer a contingent quarterly coupon of $26.90 (10.76% p.a.) that is paid only when the closing price of Uber shares on an observation date is at or above the 60% downside threshold. A memory feature allows skipped coupons to be recovered on later dates that meet the threshold.
The notes are auto-callable: if Uber鈥檚 closing price on any quarterly determination date (other than the final one) is at or above the 100% call threshold, investors receive the stated principal plus the applicable coupon and the deal terminates early. At maturity, if the final share price is below the 60% threshold, principal is reduced in direct proportion to Uber鈥檚 share decline, exposing investors to a loss of up to 100% of principal.
Key terms
- Issuer: The Bank of Nova Scotia, Senior Note Program Series A
- Coupon: 10.76% p.a. contingent, with memory
- Downside threshold: 60% of initial share price
- Call threshold: 100% of initial share price (observed quarterly)
- Issue price vs. estimated value: $1,000 vs. $938.74鈥�$968.74
- Upfront selling commission: $22.50 per note
- Listing: None; liquidity depends on dealer market making
Principal risks highlighted by BNS include
- Full principal risk below the 60% threshold
- Possibility of zero coupons if Uber trades weakly throughout the term
- Credit exposure to BNS as senior unsecured debt
- Limited secondary market and price concessions versus estimated value
- Uncertain tax treatment for U.S. and Canadian investors
The product suits investors seeking enhanced income and willing to take single-stock, equity-linked downside and issuer credit risk in exchange for capped returns and no equity upside.
Bank of Nova Scotia (BNS) sta offrendo titoli auto-rimborso condizionati al reddito, legati alle azioni ordinarie di Uber Technologies, Inc. (ticker: UBER UN). Ogni nota non quotata ha un valore nominale di 1.000 $, viene emessa il 18-lug-2025 e scade (salvo richiamo anticipato) il 21-lug-2028. I titoli offrono un coupon trimestrale condizionato di 26,90 $ (10,76% annuo), pagato solo se il prezzo di chiusura delle azioni Uber alla data di osservazione 猫 pari o superiore alla soglia di ribasso del 60%. Una funzione di memoria consente di recuperare i coupon non pagati in date successive che soddisfano la soglia.
Le note sono auto-rimborso: se il prezzo di chiusura di Uber in una qualsiasi data di determinazione trimestrale (diversa dall鈥檜ltima) 猫 pari o superiore alla soglia di richiamo del 100%, gli investitori ricevono il capitale nominale pi霉 il coupon dovuto e l鈥檕perazione termina anticipatamente. Alla scadenza, se il prezzo finale 猫 inferiore alla soglia del 60%, il capitale viene ridotto in proporzione diretta al calo delle azioni Uber, esponendo gli investitori a una perdita fino al 100% del capitale.
Termini chiave
- Emittente: Bank of Nova Scotia, Programma Senior Note Serie A
- Coupon: 10,76% annuo condizionato, con memoria
- Soglia di ribasso: 60% del prezzo iniziale delle azioni
- Soglia di richiamo: 100% del prezzo iniziale delle azioni (osservata trimestralmente)
- Prezzo di emissione vs. valore stimato: 1.000 $ vs. 938,74鈥�968,74 $
- Commissione di vendita anticipata: 22,50 $ per nota
- Quotazione: nessuna; la liquidit脿 dipende dal market making dei dealer
Principali rischi evidenziati da BNS includono
- Rischio totale sul capitale se il prezzo scende sotto la soglia del 60%
- Possibilit脿 di coupon pari a zero se Uber ha performance deboli per tutta la durata
- Esposizione creditizia verso BNS come debito senior non garantito
- Mercato secondario limitato e possibili sconti sul prezzo rispetto al valore stimato
- Trattamento fiscale incerto per investitori statunitensi e canadesi
Il prodotto 猫 adatto a investitori che cercano un reddito incrementato e sono disposti ad assumersi il rischio di ribasso legato all鈥檃zione singola, il rischio di credito dell鈥檈mittente e a rinunciare a potenziali rialzi azionari in cambio di rendimenti limitati.
Bank of Nova Scotia (BNS) est谩 comercializando valores contingentes auto-llamables vinculados a las acciones ordinarias de Uber Technologies, Inc. (s铆mbolo: UBER UN). Cada nota no listada tiene un valor nominal de $1,000, se emite el 18-jul-2025 y vence (a menos que sea llamada) el 21-jul-2028. Los valores ofrecen un cup贸n trimestral contingente de $26.90 (10.76% anual) que se paga solo si el precio de cierre de las acciones de Uber en la fecha de observaci贸n est谩 en o por encima del umbral de ca铆da del 60%. Una funci贸n de memoria permite recuperar los cupones omitidos en fechas posteriores que cumplan con el umbral.
Las notas son auto-llamables: si el precio de cierre de Uber en cualquier fecha de determinaci贸n trimestral (excepto la final) est谩 en o por encima del umbral de llamada del 100%, los inversionistas reciben el principal declarado m谩s el cup贸n aplicable y la operaci贸n termina anticipadamente. Al vencimiento, si el precio final est谩 por debajo del umbral del 60%, el principal se reduce en proporci贸n directa a la ca铆da de las acciones de Uber, exponiendo a los inversionistas a una p茅rdida de hasta el 100% del principal.
T茅rminos clave
- Emisor: Bank of Nova Scotia, Programa Senior Note Serie A
- Cup贸n: 10.76% anual contingente, con memoria
- Umbral de ca铆da: 60% del precio inicial de la acci贸n
- Umbral de llamada: 100% del precio inicial de la acci贸n (observado trimestralmente)
- Precio de emisi贸n vs. valor estimado: $1,000 vs. $938.74鈥�$968.74
- Comisi贸n inicial de venta: $22.50 por nota
- Listado: Ninguno; la liquidez depende del market making de los dealers
Riesgos principales destacados por BNS incluyen
- Riesgo total del principal si cae por debajo del umbral del 60%
- Posibilidad de cupones cero si Uber tiene un desempe帽o d茅bil durante todo el plazo
- Exposici贸n crediticia a BNS como deuda senior no garantizada
- Mercado secundario limitado y posibles descuentos en el precio respecto al valor estimado
- Tratamiento fiscal incierto para inversionistas estadounidenses y canadienses
El producto es adecuado para inversores que buscan ingresos mejorados y est谩n dispuestos a asumir riesgos de ca铆da vinculados a una acci贸n individual, riesgo crediticio del emisor y renunciar a la apreciaci贸n del capital a cambio de rendimientos limitados.
Bank of Nova Scotia (BNS)电� Uber Technologies, Inc. (韹办护: UBER UN) 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� 雲疙姼鞚� 鞎‰┐臧�电� $1,000鞚措┌, 2025雲� 7鞗� 18鞚�鞐� 臧�瓴╈澊 毂呾爼霅橁碃 2028雲� 7鞗� 21鞚�鞐� 毵岅赴(鞛愲彊 靸來櫂霅橃 鞎婌潉 瓴届毎)霅╇媹雼�. 鞚� 歃濌秾鞚� 攵勱赴氤勲 $26.90(鞐� 10.76%)鞚� 臁瓣贝攵� 炜犿彴鞚� 鞝滉车頃橂┌, 鞚吹鐢 甏�彀办澕鞐� Uber 欤检嫕鞚� 膦呹皜臧� 齑堦赴 臧�瓴╈潣 60% 頃橂澖 鞛勱硠臧� 鞚挫儊鞚� 霑岆 歆�旮夒惄雼堧嫟. 氅旊毽� 旮半姤鞚� 韱淀暣 雸勲澖霅� 炜犿彴鞚� 鞚错泟 鞛勱硠臧掛潉 於╈”頃樀鐢 雮犾鞐� 須岆车頃� 靾� 鞛堨姷雼堧嫟.
鞚� 雲疙姼电� 鞛愲彊 靸來櫂 臧�電�頃╇媹雼�: 斓滌鞚检潉 鞝滌櫢頃� 攵勱赴氤� 瓴办爼鞚检棎 Uber 膦呹皜臧� 齑堦赴 臧�瓴╈潣 100% 靸來櫂 鞛勱硠臧� 鞚挫儊鞚措┐ 韴瀽鞛惖鐢 氇呾嫓霅� 鞗愱笀瓿� 頃措嫻 炜犿彴鞚� 氚涥碃 臁瓣赴 膦呺霅╇媹雼�. 毵岅赴 鞁� 斓滌 欤缄皜臧� 60% 鞛勱硠臧� 氙鸽鞚措┐ 鞗愱笀鞚� Uber 欤缄皜 頃橂澖鞐� 牍勲頃� 臧愳唽頃橃棳 韴瀽鞛惖鐢 斓滊寑 100% 鞗愱笀 靻愳嫟 鞙勴棙鞐� 雲胳稖霅╇媹雼�.
欤检殧 臁瓣贝
- 氚滍枆鞛�: Bank of Nova Scotia, Senior Note Program Series A
- 炜犿彴: 鞐� 10.76%, 臁瓣贝攵�, 氅旊毽� 旮半姤 韽暔
- 頃橂澖 鞛勱硠臧�: 齑堦赴 欤缄皜鞚� 60%
- 靸來櫂 鞛勱硠臧�: 齑堦赴 欤缄皜鞚� 100% (攵勱赴氤� 甏�彀�)
- 氚滍枆臧� 雽�牍� 鞓堨儊 臧�旃�: $1,000 雽� $938.74鈥�$968.74
- 靹犾法 韺愲Г 靾橃垬耄�: 雲疙姼雼� $22.50
- 靸侅灔 鞐秬: 鞐嗢潓; 鞙犽彊靹膘潃 霐滊煬 鞁滌灔 臁办劚鞐� 鞚橃〈
欤检殧 鞙勴棙鞙茧 BNS电� 雼れ潓鞚� 臧曥“頃╇媹雼�
- 60% 鞛勱硠臧� 鞚错晿鞐愳劀 鞗愱笀 鞝勳暋 靻愳嫟 鞙勴棙
- Uber 欤缄皜臧� 鞎届劯鞚� 瓴届毎 炜犿彴 氙胳旮� 臧�電レ劚
- BNS鞐� 雽�頃� 靹犾垳鞙� 氍措嫶氤� 毂勲搿滌劀 鞁犾毄 鞙勴棙
- 鞝滍暅霅� 2彀� 鞁滌灔 氚� 鞓堨儊 臧�旃� 雽�牍� 臧�瓴� 頃犾澑 臧�電レ劚
- 氙戈淡 氚� 旌愲倶雼� 韴瀽鞛愳棎 雽�頃� 攵堩檿鞁ろ暅 靹鸽 觳橂Μ
鞚� 靸來拡鞚� 頄レ儊霅� 靻岆摑鞚� 於旉惮頃橂┌, 雼澕 欤检嫕鞐� 鞐瓣硠霅� 頃橂澖 鞙勴棙瓿� 氚滍枆鞛� 鞁犾毄 鞙勴棙鞚� 臧愳垬頃橁碃, 欤检嫕 靸侅姽鞐� 霐半ジ 靾橃澋鞚� 鞝滍暅霅樀鐢 韴瀽鞛愳棎瓴� 鞝來暕頃╇媹雼�.
Bank of Nova Scotia (BNS) commercialise des titres 脿 revenu conditionnel auto-remboursables li茅s aux actions ordinaires de Uber Technologies, Inc. (symbole : UBER UN). Chaque note non cot茅e a une valeur nominale de 1 000 $, est 茅mise le 18 juillet 2025 et arrive 脿 茅ch茅ance (sauf remboursement anticip茅) le 21 juillet 2028. Ces titres offrent un coupon trimestriel conditionnel de 26,90 $ (10,76 % annuel) vers茅 uniquement si le cours de cl么ture des actions Uber 脿 la date d鈥檕bservation est 茅gal ou sup茅rieur au seuil de baisse de 60 %. Une fonction m茅moire permet de r茅cup茅rer les coupons non vers茅s lors de dates ult茅rieures respectant ce seuil.
Les notes sont auto-remboursables : si le cours de cl么ture d鈥橴ber 脿 une date de d茅termination trimestrielle (autre que la derni猫re) est 茅gal ou sup茅rieur au seuil de remboursement de 100 %, les investisseurs re莽oivent le capital nominal plus le coupon d没 et l鈥檕p茅ration se termine par anticipation. 脌 l鈥櫭ヽh茅ance, si le cours final est inf茅rieur au seuil de 60 %, le capital est r茅duit proportionnellement 脿 la baisse du cours d鈥橴ber, exposant les investisseurs 脿 une perte pouvant atteindre 100 % du capital.
Principaux termes
- 脡metteur : Bank of Nova Scotia, programme Senior Note s茅rie A
- Coupon : 10,76 % annuel conditionnel, avec m茅moire
- Seuil de baisse : 60 % du cours initial
- Seuil de remboursement : 100 % du cours initial (observ茅 trimestriellement)
- Prix d鈥櫭﹎ission vs. valeur estim茅e : 1 000 $ vs. 938,74鈥�968,74 $
- Commission de vente initiale : 22,50 $ par note
- Notation : aucune ; la liquidit茅 d茅pend du market making des courtiers
Principaux risques soulign茅s par BNS incluent
- Risque total sur le capital si le cours est inf茅rieur au seuil de 60 %
- Possibilit茅 de coupons nuls si Uber 茅volue faiblement pendant toute la dur茅e
- Exposition au risque de cr茅dit de BNS en tant que dette senior non garantie
- March茅 secondaire limit茅 et d茅cotes possibles par rapport 脿 la valeur estim茅e
- Traitement fiscal incertain pour les investisseurs am茅ricains et canadiens
Ce produit convient aux investisseurs recherchant un revenu am茅lior茅 et pr锚ts 脿 assumer un risque de baisse li茅 脿 une action unique, un risque de cr茅dit 茅metteur, en 茅change de rendements plafonn茅s sans potentiel de hausse du capital.
Bank of Nova Scotia (BNS) bietet bedingte, automatisch k眉ndbare Wertpapiere an, die an die Stammaktien von Uber Technologies, Inc. (Ticker: UBER UN) gekoppelt sind. Jede nicht b枚rsennotierte Note hat einen Nennwert von 1.000 $, wird am 18. Juli 2025 begeben und l盲uft (sofern nicht vorzeitig gek眉ndigt) bis zum 21. Juli 2028. Die Wertpapiere bieten eine bedingte viertelj盲hrliche Kuponzahlung von 26,90 $ (10,76 % p.a.), die nur gezahlt wird, wenn der Schlusskurs der Uber-Aktie am Beobachtungstag auf oder 眉ber der 60%-Abschwunggrenze liegt. Eine Memory-Funktion erm枚glicht es, ausgefallene Kupons an sp盲teren Terminen nachzuzahlen, sofern die Schwelle erreicht wird.
Die Notes sind automatisch k眉ndbar: Liegt der Schlusskurs von Uber an einem viertelj盲hrlichen Feststellungstag (au脽er dem letzten) auf oder 眉ber der 100%-碍眉苍诲颈驳耻苍驳蝉蝉肠丑飞别濒濒别, erhalten die Anleger den Nominalbetrag plus den f盲lligen Kupon und das Gesch盲ft endet vorzeitig. Bei F盲lligkeit, falls der Schlusskurs unter der 60%-Schwelle liegt, wird der Kapitalbetrag proportional zum Kursr眉ckgang von Uber reduziert, was ein Risiko eines Totalverlusts des Kapitals bedeutet.
Wesentliche Bedingungen
- Emittent: Bank of Nova Scotia, Senior Note Programm Serie A
- Kupon: 10,76 % p.a. bedingt, mit Memory
- Abschwunggrenze: 60 % des Anfangskurses
- K眉ndigungsschwelle: 100 % des Anfangskurses (viertelj盲hrliche Beobachtung)
- Ausgabepreis vs. gesch盲tzter Wert: 1.000 $ vs. 938,74鈥�968,74 $
- Vorabverkaufsprovision: 22,50 $ pro Note
- Notierung: Keine; Liquidit盲t abh盲ngig vom Market Making der H盲ndler
Hauptrisiken, die BNS hervorhebt, sind
- Volles Kapitalrisiko bei Kursen unterhalb der 60%-Schwelle
- M枚glichkeit von Nullkupons, falls Uber w盲hrend der Laufzeit schwach handelt
- Kreditrisiko gegen眉ber BNS als ungesicherte Seniorverbindlichkeit
- Begrenzter Sekund盲rmarkt und m枚gliche Abschl盲ge gegen眉ber dem gesch盲tzten Wert
- Unsichere steuerliche Behandlung f眉r US- und kanadische Anleger
Das Produkt eignet sich f眉r Anleger, die erh枚hte Ertr盲ge suchen und bereit sind, Einzelaktien- und Emittenten-Kreditrisiken einzugehen, um begrenzte Renditen ohne Beteiligung an Kurssteigerungen zu erhalten.
- High contingent coupon: 10.76% annualized income if conditions are met, above typical investment-grade yields.
- Memory feature: allows previously missed coupons to be recaptured, improving potential cash-flow consistency.
- 40% downside buffer: principal is protected as long as Uber does not fall more than 40% from the initial price.
- Auto-call mechanism: can return capital early at par plus coupon if Uber stock is flat or higher, reducing exposure period.
- Principal at risk: Uber closing below the 60% threshold at maturity causes proportional loss, potentially to 0%.
- No equity upside: investors forgo any participation in Uber share appreciation beyond coupon payments.
- Credit exposure: payments depend on Bank of Nova Scotia鈥檚 ability to pay as senior unsecured debt.
- Liquidity discount: notes are unlisted; dealer bid prices may be well below issue price and intrinsic value.
- Issue price premium: bank鈥檚 estimated fair value ($938.74鈥�$968.74) is below $1,000 purchase price.
- Tax uncertainty: U.S. and Canadian tax treatment is not conclusively determined.
Insights
TL;DR 10.76% contingent coupon looks attractive, but investors face 40% buffer only and no upside; overall neutral risk-reward.
The note delivers above-market income if Uber stays above 60% of its initial price. The memory feature partly mitigates missed coupons, and the quarterly auto-call at 100% shortens duration if the stock holds flat or rises. However, investors surrender all upside beyond coupon income, and capital is fully exposed below the 60% barrier鈥攈istorically, Uber has exhibited high volatility, so downside breach probability is material. The note is priced 3鈥�6% above the bank鈥檚 estimated value, reflecting dealer compensation and hedging costs, which may weigh on secondary prices. BNS is rated high-grade, but the unsecured structure still embeds issuer credit risk. Overall, the security may fit yield-seeking portfolios comfortable with single-equity and credit risk, yet it is not impactful for BNS鈥� own financials and should be viewed as a marketing flow product rather than a strategic financing.
Bank of Nova Scotia (BNS) sta offrendo titoli auto-rimborso condizionati al reddito, legati alle azioni ordinarie di Uber Technologies, Inc. (ticker: UBER UN). Ogni nota non quotata ha un valore nominale di 1.000 $, viene emessa il 18-lug-2025 e scade (salvo richiamo anticipato) il 21-lug-2028. I titoli offrono un coupon trimestrale condizionato di 26,90 $ (10,76% annuo), pagato solo se il prezzo di chiusura delle azioni Uber alla data di osservazione 猫 pari o superiore alla soglia di ribasso del 60%. Una funzione di memoria consente di recuperare i coupon non pagati in date successive che soddisfano la soglia.
Le note sono auto-rimborso: se il prezzo di chiusura di Uber in una qualsiasi data di determinazione trimestrale (diversa dall鈥檜ltima) 猫 pari o superiore alla soglia di richiamo del 100%, gli investitori ricevono il capitale nominale pi霉 il coupon dovuto e l鈥檕perazione termina anticipatamente. Alla scadenza, se il prezzo finale 猫 inferiore alla soglia del 60%, il capitale viene ridotto in proporzione diretta al calo delle azioni Uber, esponendo gli investitori a una perdita fino al 100% del capitale.
Termini chiave
- Emittente: Bank of Nova Scotia, Programma Senior Note Serie A
- Coupon: 10,76% annuo condizionato, con memoria
- Soglia di ribasso: 60% del prezzo iniziale delle azioni
- Soglia di richiamo: 100% del prezzo iniziale delle azioni (osservata trimestralmente)
- Prezzo di emissione vs. valore stimato: 1.000 $ vs. 938,74鈥�968,74 $
- Commissione di vendita anticipata: 22,50 $ per nota
- Quotazione: nessuna; la liquidit脿 dipende dal market making dei dealer
Principali rischi evidenziati da BNS includono
- Rischio totale sul capitale se il prezzo scende sotto la soglia del 60%
- Possibilit脿 di coupon pari a zero se Uber ha performance deboli per tutta la durata
- Esposizione creditizia verso BNS come debito senior non garantito
- Mercato secondario limitato e possibili sconti sul prezzo rispetto al valore stimato
- Trattamento fiscale incerto per investitori statunitensi e canadesi
Il prodotto 猫 adatto a investitori che cercano un reddito incrementato e sono disposti ad assumersi il rischio di ribasso legato all鈥檃zione singola, il rischio di credito dell鈥檈mittente e a rinunciare a potenziali rialzi azionari in cambio di rendimenti limitati.
Bank of Nova Scotia (BNS) est谩 comercializando valores contingentes auto-llamables vinculados a las acciones ordinarias de Uber Technologies, Inc. (s铆mbolo: UBER UN). Cada nota no listada tiene un valor nominal de $1,000, se emite el 18-jul-2025 y vence (a menos que sea llamada) el 21-jul-2028. Los valores ofrecen un cup贸n trimestral contingente de $26.90 (10.76% anual) que se paga solo si el precio de cierre de las acciones de Uber en la fecha de observaci贸n est谩 en o por encima del umbral de ca铆da del 60%. Una funci贸n de memoria permite recuperar los cupones omitidos en fechas posteriores que cumplan con el umbral.
Las notas son auto-llamables: si el precio de cierre de Uber en cualquier fecha de determinaci贸n trimestral (excepto la final) est谩 en o por encima del umbral de llamada del 100%, los inversionistas reciben el principal declarado m谩s el cup贸n aplicable y la operaci贸n termina anticipadamente. Al vencimiento, si el precio final est谩 por debajo del umbral del 60%, el principal se reduce en proporci贸n directa a la ca铆da de las acciones de Uber, exponiendo a los inversionistas a una p茅rdida de hasta el 100% del principal.
T茅rminos clave
- Emisor: Bank of Nova Scotia, Programa Senior Note Serie A
- Cup贸n: 10.76% anual contingente, con memoria
- Umbral de ca铆da: 60% del precio inicial de la acci贸n
- Umbral de llamada: 100% del precio inicial de la acci贸n (observado trimestralmente)
- Precio de emisi贸n vs. valor estimado: $1,000 vs. $938.74鈥�$968.74
- Comisi贸n inicial de venta: $22.50 por nota
- Listado: Ninguno; la liquidez depende del market making de los dealers
Riesgos principales destacados por BNS incluyen
- Riesgo total del principal si cae por debajo del umbral del 60%
- Posibilidad de cupones cero si Uber tiene un desempe帽o d茅bil durante todo el plazo
- Exposici贸n crediticia a BNS como deuda senior no garantizada
- Mercado secundario limitado y posibles descuentos en el precio respecto al valor estimado
- Tratamiento fiscal incierto para inversionistas estadounidenses y canadienses
El producto es adecuado para inversores que buscan ingresos mejorados y est谩n dispuestos a asumir riesgos de ca铆da vinculados a una acci贸n individual, riesgo crediticio del emisor y renunciar a la apreciaci贸n del capital a cambio de rendimientos limitados.
Bank of Nova Scotia (BNS)电� Uber Technologies, Inc. (韹办护: UBER UN) 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� 雲疙姼鞚� 鞎‰┐臧�电� $1,000鞚措┌, 2025雲� 7鞗� 18鞚�鞐� 臧�瓴╈澊 毂呾爼霅橁碃 2028雲� 7鞗� 21鞚�鞐� 毵岅赴(鞛愲彊 靸來櫂霅橃 鞎婌潉 瓴届毎)霅╇媹雼�. 鞚� 歃濌秾鞚� 攵勱赴氤勲 $26.90(鞐� 10.76%)鞚� 臁瓣贝攵� 炜犿彴鞚� 鞝滉车頃橂┌, 鞚吹鐢 甏�彀办澕鞐� Uber 欤检嫕鞚� 膦呹皜臧� 齑堦赴 臧�瓴╈潣 60% 頃橂澖 鞛勱硠臧� 鞚挫儊鞚� 霑岆 歆�旮夒惄雼堧嫟. 氅旊毽� 旮半姤鞚� 韱淀暣 雸勲澖霅� 炜犿彴鞚� 鞚错泟 鞛勱硠臧掛潉 於╈”頃樀鐢 雮犾鞐� 須岆车頃� 靾� 鞛堨姷雼堧嫟.
鞚� 雲疙姼电� 鞛愲彊 靸來櫂 臧�電�頃╇媹雼�: 斓滌鞚检潉 鞝滌櫢頃� 攵勱赴氤� 瓴办爼鞚检棎 Uber 膦呹皜臧� 齑堦赴 臧�瓴╈潣 100% 靸來櫂 鞛勱硠臧� 鞚挫儊鞚措┐ 韴瀽鞛惖鐢 氇呾嫓霅� 鞗愱笀瓿� 頃措嫻 炜犿彴鞚� 氚涥碃 臁瓣赴 膦呺霅╇媹雼�. 毵岅赴 鞁� 斓滌 欤缄皜臧� 60% 鞛勱硠臧� 氙鸽鞚措┐ 鞗愱笀鞚� Uber 欤缄皜 頃橂澖鞐� 牍勲頃� 臧愳唽頃橃棳 韴瀽鞛惖鐢 斓滊寑 100% 鞗愱笀 靻愳嫟 鞙勴棙鞐� 雲胳稖霅╇媹雼�.
欤检殧 臁瓣贝
- 氚滍枆鞛�: Bank of Nova Scotia, Senior Note Program Series A
- 炜犿彴: 鞐� 10.76%, 臁瓣贝攵�, 氅旊毽� 旮半姤 韽暔
- 頃橂澖 鞛勱硠臧�: 齑堦赴 欤缄皜鞚� 60%
- 靸來櫂 鞛勱硠臧�: 齑堦赴 欤缄皜鞚� 100% (攵勱赴氤� 甏�彀�)
- 氚滍枆臧� 雽�牍� 鞓堨儊 臧�旃�: $1,000 雽� $938.74鈥�$968.74
- 靹犾法 韺愲Г 靾橃垬耄�: 雲疙姼雼� $22.50
- 靸侅灔 鞐秬: 鞐嗢潓; 鞙犽彊靹膘潃 霐滊煬 鞁滌灔 臁办劚鞐� 鞚橃〈
欤检殧 鞙勴棙鞙茧 BNS电� 雼れ潓鞚� 臧曥“頃╇媹雼�
- 60% 鞛勱硠臧� 鞚错晿鞐愳劀 鞗愱笀 鞝勳暋 靻愳嫟 鞙勴棙
- Uber 欤缄皜臧� 鞎届劯鞚� 瓴届毎 炜犿彴 氙胳旮� 臧�電レ劚
- BNS鞐� 雽�頃� 靹犾垳鞙� 氍措嫶氤� 毂勲搿滌劀 鞁犾毄 鞙勴棙
- 鞝滍暅霅� 2彀� 鞁滌灔 氚� 鞓堨儊 臧�旃� 雽�牍� 臧�瓴� 頃犾澑 臧�電レ劚
- 氙戈淡 氚� 旌愲倶雼� 韴瀽鞛愳棎 雽�頃� 攵堩檿鞁ろ暅 靹鸽 觳橂Μ
鞚� 靸來拡鞚� 頄レ儊霅� 靻岆摑鞚� 於旉惮頃橂┌, 雼澕 欤检嫕鞐� 鞐瓣硠霅� 頃橂澖 鞙勴棙瓿� 氚滍枆鞛� 鞁犾毄 鞙勴棙鞚� 臧愳垬頃橁碃, 欤检嫕 靸侅姽鞐� 霐半ジ 靾橃澋鞚� 鞝滍暅霅樀鐢 韴瀽鞛愳棎瓴� 鞝來暕頃╇媹雼�.
Bank of Nova Scotia (BNS) commercialise des titres 脿 revenu conditionnel auto-remboursables li茅s aux actions ordinaires de Uber Technologies, Inc. (symbole : UBER UN). Chaque note non cot茅e a une valeur nominale de 1 000 $, est 茅mise le 18 juillet 2025 et arrive 脿 茅ch茅ance (sauf remboursement anticip茅) le 21 juillet 2028. Ces titres offrent un coupon trimestriel conditionnel de 26,90 $ (10,76 % annuel) vers茅 uniquement si le cours de cl么ture des actions Uber 脿 la date d鈥檕bservation est 茅gal ou sup茅rieur au seuil de baisse de 60 %. Une fonction m茅moire permet de r茅cup茅rer les coupons non vers茅s lors de dates ult茅rieures respectant ce seuil.
Les notes sont auto-remboursables : si le cours de cl么ture d鈥橴ber 脿 une date de d茅termination trimestrielle (autre que la derni猫re) est 茅gal ou sup茅rieur au seuil de remboursement de 100 %, les investisseurs re莽oivent le capital nominal plus le coupon d没 et l鈥檕p茅ration se termine par anticipation. 脌 l鈥櫭ヽh茅ance, si le cours final est inf茅rieur au seuil de 60 %, le capital est r茅duit proportionnellement 脿 la baisse du cours d鈥橴ber, exposant les investisseurs 脿 une perte pouvant atteindre 100 % du capital.
Principaux termes
- 脡metteur : Bank of Nova Scotia, programme Senior Note s茅rie A
- Coupon : 10,76 % annuel conditionnel, avec m茅moire
- Seuil de baisse : 60 % du cours initial
- Seuil de remboursement : 100 % du cours initial (observ茅 trimestriellement)
- Prix d鈥櫭﹎ission vs. valeur estim茅e : 1 000 $ vs. 938,74鈥�968,74 $
- Commission de vente initiale : 22,50 $ par note
- Notation : aucune ; la liquidit茅 d茅pend du market making des courtiers
Principaux risques soulign茅s par BNS incluent
- Risque total sur le capital si le cours est inf茅rieur au seuil de 60 %
- Possibilit茅 de coupons nuls si Uber 茅volue faiblement pendant toute la dur茅e
- Exposition au risque de cr茅dit de BNS en tant que dette senior non garantie
- March茅 secondaire limit茅 et d茅cotes possibles par rapport 脿 la valeur estim茅e
- Traitement fiscal incertain pour les investisseurs am茅ricains et canadiens
Ce produit convient aux investisseurs recherchant un revenu am茅lior茅 et pr锚ts 脿 assumer un risque de baisse li茅 脿 une action unique, un risque de cr茅dit 茅metteur, en 茅change de rendements plafonn茅s sans potentiel de hausse du capital.
Bank of Nova Scotia (BNS) bietet bedingte, automatisch k眉ndbare Wertpapiere an, die an die Stammaktien von Uber Technologies, Inc. (Ticker: UBER UN) gekoppelt sind. Jede nicht b枚rsennotierte Note hat einen Nennwert von 1.000 $, wird am 18. Juli 2025 begeben und l盲uft (sofern nicht vorzeitig gek眉ndigt) bis zum 21. Juli 2028. Die Wertpapiere bieten eine bedingte viertelj盲hrliche Kuponzahlung von 26,90 $ (10,76 % p.a.), die nur gezahlt wird, wenn der Schlusskurs der Uber-Aktie am Beobachtungstag auf oder 眉ber der 60%-Abschwunggrenze liegt. Eine Memory-Funktion erm枚glicht es, ausgefallene Kupons an sp盲teren Terminen nachzuzahlen, sofern die Schwelle erreicht wird.
Die Notes sind automatisch k眉ndbar: Liegt der Schlusskurs von Uber an einem viertelj盲hrlichen Feststellungstag (au脽er dem letzten) auf oder 眉ber der 100%-碍眉苍诲颈驳耻苍驳蝉蝉肠丑飞别濒濒别, erhalten die Anleger den Nominalbetrag plus den f盲lligen Kupon und das Gesch盲ft endet vorzeitig. Bei F盲lligkeit, falls der Schlusskurs unter der 60%-Schwelle liegt, wird der Kapitalbetrag proportional zum Kursr眉ckgang von Uber reduziert, was ein Risiko eines Totalverlusts des Kapitals bedeutet.
Wesentliche Bedingungen
- Emittent: Bank of Nova Scotia, Senior Note Programm Serie A
- Kupon: 10,76 % p.a. bedingt, mit Memory
- Abschwunggrenze: 60 % des Anfangskurses
- K眉ndigungsschwelle: 100 % des Anfangskurses (viertelj盲hrliche Beobachtung)
- Ausgabepreis vs. gesch盲tzter Wert: 1.000 $ vs. 938,74鈥�968,74 $
- Vorabverkaufsprovision: 22,50 $ pro Note
- Notierung: Keine; Liquidit盲t abh盲ngig vom Market Making der H盲ndler
Hauptrisiken, die BNS hervorhebt, sind
- Volles Kapitalrisiko bei Kursen unterhalb der 60%-Schwelle
- M枚glichkeit von Nullkupons, falls Uber w盲hrend der Laufzeit schwach handelt
- Kreditrisiko gegen眉ber BNS als ungesicherte Seniorverbindlichkeit
- Begrenzter Sekund盲rmarkt und m枚gliche Abschl盲ge gegen眉ber dem gesch盲tzten Wert
- Unsichere steuerliche Behandlung f眉r US- und kanadische Anleger
Das Produkt eignet sich f眉r Anleger, die erh枚hte Ertr盲ge suchen und bereit sind, Einzelaktien- und Emittenten-Kreditrisiken einzugehen, um begrenzte Renditen ohne Beteiligung an Kurssteigerungen zu erhalten.
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ISSUER FREE WRITING PROSPECTUS |
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Filed Pursuant to Rule 433 |
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Registration Statement No. 333-282565 |
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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 Uber Technologies, 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.
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SUMMARY TERMS |
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Issuer: |
The Bank of Nova Scotia |
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Issue: |
Senior Note Program, Series A |
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Underlying stock: |
Common stock of Uber Technologies, Inc. (Bloomberg Ticker: “UBER UN”) |
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Stated principal amount: |
$1,000.00 per security |
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Minimum investment: |
$1,000 (1 security) |
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Pricing date: |
July 18, 2025 |
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Original issue date: |
July 23, 2025 (3 business days after the pricing date; see preliminary pricing supplement). |
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Final determination date: |
July 18, 2028, subject to postponement for certain market disruption events and as described in the accompanying product supplement. |
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Maturity date: |
July 21, 2028, subject to postponement for certain market disruption events and as described in the accompanying product supplement. |
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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. |
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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. |
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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 $26.90 (equivalent to 10.76% 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. |
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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. |
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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. |
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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. |
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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 60.00% of the stated principal amount and could be as low as zero. |
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Share performance factor: |
Final share price divided by the initial share price |
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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 |
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Downside threshold price: |
60.00% of the initial share price, as may be adjusted in the case of certain adjustment events as described in the accompanying product supplement |
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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. |
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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 |
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CUSIP / ISIN: |
06419DAW3 / US06419DAW39 |
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Listing: |
The securities will not be listed or displayed on any securities exchange or any electronic communications network. |
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Commission: |
$22.50 per stated principal amount. |
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Estimated value on the pricing date: |
Expected to be between $938.74 and $968.74 per security. See “Risk Factors” in the preliminary pricing supplement. |
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Preliminary pricing supplement: |
http://www.sec.gov/Archives/edgar/data/9631/000183988225038222/bns_424b2-20800.htm |
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HYPOTHETICAL PAYOUT |
The below figures are based on a hypothetical downside threshold price of 60.00% 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
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Change in Underlying Stock |
Payment at Maturity (excluding any contingent quarterly coupon payable at maturity) |
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+50.00% |
$1,000.00 |
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+40.00% |
$1,000.00 |
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+30.00% |
$1,000.00 |
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+20.00% |
$1,000.00 |
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+10.00% |
$1,000.00 |
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0.00% |
$1,000.00 |
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-10.00% |
$1,000.00 |
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-20.00% |
$1,000.00 |
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-30.00% |
$1,000.00 |
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-40.00% |
$1,000.00 |
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-41.00% |
$590.00 |
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-50.00% |
$500.00 |
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-60.00% |
$400.00 |
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-70.00% |
$300.00 |
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-80.00% |
$200.00 |
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-90.00% |
$100.00 |
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-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.
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 contingent quarterly coupon rate on BNS鈥檚 Auto-Callable Securities linked to UBER?
When can the BNS securities be called early?
How much principal protection do investors have?
Is there upside participation in Uber stock gains?
Where will the securities trade after issuance?
