|
August 2024
Pricing Supplement
Dated August 30, 2024
Registration Statement No. 333-261476
Filed pursuant to Rule 424(b)(2)
(To Prospectus dated December 29, 2021,
Prospectus Supplement dated December 29, 2021,
Underlier Supplement dated December 29, 2021 and Product Supplement dated December 29, 2021)
|
STRUCTURED INVESTMENTS
Opportunities in U.S. Equities
$1,786,000 Auto-Callable Trigger PLUS Based on the Value of the S&P 500® Index due September 3, 2026
Principal at Risk Securities
The Auto-Callable Trigger PLUS (the “securities”) do not provide for the regular payment of interest and do not guarantee any return of principal at maturity.
The securities will be automatically redeemed if the index closing value on the determination date prior to the final determination date is greater than or equal to the initial index value, for an
early redemption payment of $1,075.00 per security, as described below. No further payments will be made on the securities once they have been redeemed. At maturity, if the securities have not previously been redeemed and the final index value of
the underlying index is greater than the initial index value, investors will receive the stated principal amount of their investment plus the leveraged upside performance of the underlying index. If the
final index value is less than or equal to the initial index value but greater than or equal to the trigger level, investors will receive the stated principal amount at maturity. However, if the final index value is less than the trigger level,
investors will lose 1% for every 1% that the final index value falls below the initial index value. Under these circumstances, the payment at maturity will be significantly less than the stated principal amount and could be zero. Accordingly, the securities do not guarantee any return of principal at maturity and you could lose a significant portion or all of your investment in the securities. The securities are for investors who are
willing to risk their principal and forgo current income in exchange for the possibility of receiving an early redemption payment or, if the securities have not previously been redeemed, the upside leverage feature that applies to a limited range
of performance of the underlying index and the limited protection against loss that applies only if the final index value is greater than or equal to the trigger level. The securities are senior unsecured debt securities issued by The Bank of Nova
Scotia (“BNS”). The securities are notes issued as part of BNS’ Senior Note Program, Series A. All payments on the securities are subject to the credit risk of BNS. If BNS were to default on its payment obligations,
you may not receive any amounts owed to you under the securities and you could lose your entire investment in the securities. These securities are not secured obligations and you will not have any security interest in, or otherwise have any
access to, any underlying reference asset or assets.
|
SUMMARY TERMS
|
|
Issuer:
|
The Bank of Nova Scotia (“BNS”)
|
|
Issue:
|
Senior Note Program, Series A
|
|
Underlying index:
|
S&P 500® Index (Bloomberg Ticker: “SPX”)
|
|
Aggregate principal amount:
|
$1,786,000
|
|
Stated principal amount:
|
$1,000.00 per security
|
|
Issue price:
|
$1,000.00 per security (see “Commissions and issue price” below)
|
|
Minimum investment:
|
$1,000.00 (1 security)
|
|
Pricing date:
|
August 30, 2024
|
|
Original issue date:
|
September 5, 2024 (3 business days after the pricing date). Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to
settle in one business day (T+1), unless the parties to a trade expressly agree otherwise. Accordingly, purchasers who wish to trade the securities in the secondary market on any date prior to one business day before delivery of the
securities will be required, by virtue of the fact that the securities initially will settle in three business days (T+3), to specify alternative settlement arrangements to prevent a failed settlement of the secondary market trade.
|
|
Final determination date:
|
August 31, 2026, as noted below under “Determination dates, Early redemption dates and Early Redemption payment per security”
|
|
Maturity date:
|
September 3, 2026, subject to postponement in the event of a market disruption event, as described in the accompanying product supplement
|
|
Early redemption:
|
If the index closing value of the underlying index on the determination date prior to the final determination date is greater than or equal to the initial index value, the securities will be automatically redeemed
for the early redemption payment on the related early redemption date. No further payments will be made on the securities once they have been redeemed.
|
|
Determination dates, Early redemption
dates and Early redemption payment
|
The early redemption payment will be an amount in cash per security for the determination date prior to the final determination date as set forth below.
No further payments will be made on the securities once they have been redeemed.
|
|
per security:
|
Determination Dates*
|
Early Redemption Dates
|
Early Redemption Payment per Security
|
|
|
1st determination
date: September 8, 2025
|
September 12, 2025
|
$1,075.00
|
|
|
2nd determination
date: August 31, 2026 (the “final determination date”)
|
Not applicable – See “Payment at maturity per security” below
|
|
|
* Subject to postponement for
non-trading days and certain market disruption events (as described under “General Terms of the Notes — Market Disruption Events” and “— Valuation Dates” in the accompanying product supplement).
|
|
Payment at maturity per security:
|
If the securities are not automatically redeemed prior to maturity, you will receive at maturity a cash payment per security as follows:
◾ If the final index value is greater than the initial index value:
$1,000.00 + leveraged upside payment
◾ 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
◾ 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 securities.
|
|
Underlying return:
|
(final index value − initial index value) / initial index value
|
|
Leverage factor:
|
125.00% (applicable only if the securities are not automatically redeemed prior to maturity and the final index value is greater than the initial index value)
|
|
Leveraged upside payment:
|
$1,000.00 × leverage factor × underlying return
|
|
Trigger level:
|
4,236.30, which is equal to 75% of the initial index value
|
|
Initial index value:
|
5,648.40, which is equal to the index closing value of the underlying index on the pricing date, as determined by the calculation agent and as may be adjusted as described under “General Terms
of the Notes — Unavailability of the Closing Value of a Reference Asset; Adjustments to a Reference Asset — Unavailability of the Closing Value of a Reference Index; Alternative Calculation Methodology”, as described in the accompanying
product supplement.
|
|
Final index value:
|
The index closing value of the underlying index on the final determination date, as determined by the calculation agent and as may be adjusted as described under “General Terms of the Notes —
Unavailability of the Closing Value of a Reference Asset; Adjustments to a Reference Asset — Unavailability of the Closing Value of a Reference Index; Alternative Calculation Methodology”, as described in the accompanying product
supplement.
|
|
CUSIP/ISIN:
|
06418RAM5 / US06418RAM51
|
|
Listing:
|
The securities will not be listed or displayed on any securities exchange or any electronic communications network.
|
|
Calculation agent:
|
Scotia Capital Inc.
|
|
Agent:
|
Scotia Capital (USA) Inc. (“SCUSA”), an affiliate of BNS. See “Supplemental information regarding plan of distribution (conflicts of interest); secondary markets (if any).”
|
|
Estimated value on the pricing date:
|
$969.00 per stated principal amount, which is less than the issue price listed above. See “Additional Information About the Securities — Additional information regarding estimated value of the securities” herein
and “Risk Factors — Risks Relating to Estimated Value and Liquidity” beginning on page 7 of this document for additional information. The actual value of your securities at any time will reflect many factors and cannot be predicted with
accuracy.
|
|
Commissions and issue price:
|
Price to Public(1)
|
Fees and Commissions(1)
|
Proceeds to Issuer
|
|
Per Security:
|
$1,000.00
|
$20.00(a)
+ $5.00(b)
$25.00
|
$975.00
|
|
Total:
|
$1,786,000.00
|
$44,650.00
|
$1,741,350.00
|
(1) |
SCUSA has agreed to purchase the securities at the stated principal amount and, as part of the distribution of the securities, has agreed to sell all of the securities to Morgan Stanley Smith
Barney LLC (“Morgan Stanley Wealth Management”) at an underwriting discount which reflects:
|
|
(a) |
a fixed sales commission of $20.00 per $1,000.00 stated principal amount of securities that
Morgan Stanley Wealth Management sells and |
|
(b) |
a fixed structuring fee of $5.00 per $1,000.00 stated principal amount of securities that Morgan Stanley Wealth Management sells,each payable to Morgan Stanley Wealth Management. See
“Supplemental information regarding plan of distribution (conflicts of interest); secondary markets (if any)”.
|
The securities involve risks not associated with an investment in ordinary debt securities. See “Risk Factors” beginning on page 6.
Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy
of this document, the accompanying product supplement, the underlier supplement, the prospectus supplement or the prospectus. Any representation to the contrary is a criminal offense.
The securities are not insured by the Canada Deposit Insurance Corporation (the “CDIC”) pursuant to the Canada Deposit Insurance Corporation Act (the “CDIC Act”) or
the U.S. Federal Deposit Insurance Corporation or any other government agency of Canada, the U.S. or any other jurisdiction. The securities are not bail-inable debt securities under the CDIC Act.
Additional Information About BNS and the Securities
You should read this pricing supplement together with the prospectus dated December 29, 2021, as supplemented by the prospectus supplement dated December 29, 2021, the underlier
supplement dated December 29, 2021 and the product supplement (Market-Linked Notes, Series A) dated December 29, 2021, relating to our Senior Note Program, Series A, of which these securities are a part. Capitalized terms used but not defined in
this pricing supplement will have the meanings given to them in the product supplement.
The securities may vary from the terms described in the accompanying prospectus, prospectus supplement, underlier supplement and product supplement in several important ways. You
should read this pricing supplement carefully, including the documents incorporated by reference herein. In the event of any conflict between this pricing supplement and any of the foregoing, the following hierarchy will govern: first, this pricing
supplement; second, the accompanying product supplement; third, the accompanying underlier supplement; fourth, the accompanying prospectus supplement; and last, the accompanying prospectus. You may access these documents on the SEC website at
www.sec.gov as follows (or if that address has changed, by reviewing our filings for the relevant date on the SEC website).
This pricing supplement, together with the documents listed below, contains the terms of the securities and supersedes all prior or contemporaneous oral statements as well as any
other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, brochures or other educational materials of ours. You should carefully consider, among other
things, the matters set forth in “Risk Factors” herein, in “Additional Risk Factors Specific to the Notes” of the accompanying product supplement and in “Risk Factors” of the accompanying prospectus supplement and of the accompanying prospectus, as
the securities involve risks not associated with conventional debt securities.
We urge you to consult your investment, legal, tax, accounting and other advisors concerning an investment in the securities in light of your particular circumstances.
You may access these documents on the SEC website at www.sec.gov as follows:
■ |
Product Supplement (Market-Linked Notes, Series A) dated December 29, 2021:
|
■ |
Underlier Supplement dated December 29, 2021:
|
■ |
Prospectus Supplement dated December 29, 2021:
|
■ |
Prospectus dated December 29, 2021:
|
References to “BNS”, “we”, “our” and “us” refer only to The Bank of Nova Scotia and not to its consolidated subsidiaries and references to the “Auto-Callable
Trigger PLUS” or the “securities” refer to the securities that are offered hereby. Also, references to the “accompanying product supplement” mean the BNS product supplement, dated December 29, 2021, references to the “accompanying underlier
supplement” mean the BNS underlier supplement, dated December 29, 2021, references to the “accompanying prospectus supplement” mean the BNS prospectus supplement, dated December 29, 2021 and references to the “accompanying prospectus” mean the BNS
prospectus, dated December 29, 2021.
BNS reserves the right to change the terms of, or reject any offer to purchase, the securities prior to their issuance. In the event of any changes to the terms of the securities,
BNS will notify you and you will be asked to accept such changes in connection with your purchase. You may also choose to reject such changes in which case BNS may reject your offer to purchase.
“Trigger Performance Leveraged Upside SecuritiesSM” and “Trigger PLUSSM” are service marks of Morgan Stanley.
Investment Overview
Auto-Callable Trigger Performance Leveraged Upside Securities
Principal at Risk Securities
The Auto-Callable Trigger PLUS Based on the Value of the S&P 500® Index due September 3, 2026 which we refer to as the securities, do not provide for the regular payment of interest
and do not guarantee the repayment of principal, and you will not be entitled to receive any dividends paid with respect to the stocks comprising the underlying index (the “index constituent stocks”). Instead, the securities will be automatically
redeemed if the index closing value on the determination date prior to the final determination date is greater than or equal to the initial index value, for an early redemption payment of $1,075.00 per
security, as described below.
At maturity, if the securities have not previously been redeemed and the final index value is greater than the initial index value, investors will receive the
stated principal amount of their investment plus a return reflecting 125% of the upside performance of the underlying index. If the securities have not previously been redeemed and the final index value is less
than or equal to the initial index value but is greater than or equal to the trigger level, investors will receive a payment of maturity of $1,000.00 per security. However, If the final index value
is less than the trigger level, the securities are exposed on a 1:1 basis to the negative performance of the underlying index, and investors will receive a payment at maturity that is less than 75% of the
stated principal amount of the securities and could be zero. Accordingly, investors in the securities must be willing to accept the risk of losing their entire initial investment.
Maturity:
|
Approximately 24 months, subject to early redemption
|
Automatic early redemption:
|
If, on the determination date prior to the final determination date, the index closing value of the underlying index is greater than or equal to the initial index value, the securities
will be automatically redeemed for the early redemption payment on the related early redemption date.
|
Early redemption payment:
|
The early redemption payment will be an amount in cash per security as follows:
|
|
1st determination date:
|
$1,075.00
|
Payment at maturity per security:
|
If the securities are not automatically redeemed prior to maturity, you will receive at maturity a cash payment per security as follows:
◾ If the final index value is greater than the initial index value:
$1,000.00 + leveraged upside payment
◾ 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
◾ 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 securities.
|
Leveraged upside payment:
|
$1,000.00 × leverage factor × underlying return
|
Leverage factor:
|
125.00% (applicable only if the securities are not automatically redeemed prior to maturity and the final index value is greater than the initial index value)
|
Trigger level:
|
75% of the initial index value
|
Minimum payment at maturity:
|
None. Investors may lose up to their entire investment in the securities.
|
Listing:
|
The securities will not be listed or displayed on any securities exchange or any electronic communications network.
|
Key Investment Rationale
The securities do not provide for the regular payment of interest. Instead, the securities will be automatically redeemed for an early redemption payment if the index closing value on the
determination date prior to the final determination date is greater than or equal to the initial index value.
The following scenarios are for illustrative purposes only to demonstrate how an automatic early redemption payment or the payment at maturity (if the securities have not previously been redeemed)
are calculated, and do not attempt to demonstrate every situation that may occur. Accordingly, the securities may or may not be redeemed prior to maturity and the payment at maturity may be less than the stated principal amount of the securities.
Investors will not be entitled to receive any dividends paid with respect to the index constituent stocks and the securities do not pay periodic interest. You should carefully consider whether
an investment that does not provide for any dividends or periodic interest is appropriate for you.
Scenario 1:
The securities are redeemed
prior to maturity
|
|
If the index closing value of the underlying index is greater than or equal to the initial index value on the determination date prior to the final determination date, the securities will be
automatically redeemed for the early redemption payment on the related early redemption date. You will not participate in any increase of the underlying index.
|
|
|
|
Scenario 2:
The securities are not
redeemed prior to maturity and
investors receive the
leveraged upside payment
|
|
This scenario assumes that the underlying index closes below the initial index value on the determination date prior to the final determination date. Consequently, the securities are not
automatically redeemed prior to maturity. If the final index value is greater than the initial index value, at maturity you will receive the stated principal amount of $1,000.00 plus the leveraged upside payment.
|
|
|
|
Scenario 3:
The securities are not
redeemed prior to maturity,
and investors receive the
return of principal at maturity
|
|
This scenario assumes that the underlying index closes below the initial index value on the determination date prior to the final determination date. Consequently, the securities are not
automatically redeemed prior to maturity. If the final index value is less than or equal to the initial index value but is greater than or equal to the trigger level, which is 75% of the initial index value, at maturity you will receive the
stated principal amount.
|
|
|
|
Scenario 4:
The securities are not
redeemed prior to maturity and
investors suffer a significant
loss of principal at maturity
|
|
This scenario assumes that the underlying index closes below the initial index value on the determination date prior to the final determination date. Consequently, the securities are not
automatically redeemed prior to maturity. If the final index value is less than the trigger level, at maturity you will receive significantly less than the stated principal amount, if anything, resulting in a percentage loss of your
investment equal to the underlying return. For example, if the underlying return is -35%, each securities will redeem for $650.00, or 65% of the stated principal amount. There is no minimum payment on the
securities and you could lose up to your entire investment in the securities.
|
Investor Suitability
The securities may be suitable for you if:
■ |
You fully understand and are willing to accept the risks of an investment in the securities, including the risk that you may lose up to 100% of your investment in the securities
|
■ |
You can tolerate a loss of a significant portion or all of your investment and are willing to make an investment that, if the securities are not automatically redeemed prior to maturity and the final index value is less than the trigger
level, has the same downside market risk as that of a direct investment in the underlying index or the index constituent stocks
|
■ |
You believe that the index closing value will be greater than or equal to the initial index value on the first determination date or greater than the initial index value on the final determination date
|
■ |
You understand and accept that, if the securities are automatically redeemed prior to maturity, your return on the securities is limited to the early redemption payment and you will not participate in any increase of the underlying index
|
■ |
You can tolerate fluctuations in the market prices of the securities prior to maturity that may be similar to or exceed the fluctuations in the value of the underlying index
|
■ |
You do not seek current income from your investment and are willing to forgo any dividends paid on any index constituent stocks
|
■ |
You are willing and able to invest in securities that may be redeemed prior to the maturity date, you are otherwise willing and able to hold the securities to maturity, a term of approximately 24 months, and you accept that there may be
little or no secondary market for the securities
|
■ |
You understand and are willing to accept the risks associated with the underlying index
|
■ |
You are willing to assume the credit risk of BNS for all payments under the securities, and you understand that if BNS defaults on its obligations you may not receive any amounts due to you including any repayment of principal
|
The securities may not be suitable for you if:
■ |
You do not fully understand or are unwilling to accept the risks of an investment in the securities, including the risk that you may lose up to 100% of your investment
|
■ |
You require an investment that provides for full or at least partial return of principal
|
■ |
You are not willing to make an investment that, if the securities are not automatically redeemed prior to maturity and the final index value is less than the trigger level, has the same downside market risk as that of a direct investment
in the underlying index or the index constituent stocks
|
■ |
You believe that the index closing value will be less than the initial index value on the first determination date and less than the initial index value on the final determination date
|
■ |
You do not understand or cannot accept that, if the securities are automatically redeemed prior to maturity, your return on the securities is limited to the early redemption payment and you will not participate in any increase of the
underlying index
|
■ |
You cannot tolerate fluctuations in the market price of the securities prior to maturity that may be similar to or exceed the fluctuations in the value of the underlying index
|
■ |
You seek current income from your investment or prefer to receive the dividends paid on the index constituent stocks
|
■ |
You are unable or unwilling to hold securities that may be redeemed prior to the maturity date, you are otherwise unable or unwilling to hold such securities to maturity, a term of approximately 24 months, or you seek an investment for
which there will be an active secondary market
|
■ |
You do not understand or are not willing to accept the risks associated with the underlying index
|
■ |
You are not willing to assume the credit risk of BNS for all payments under the securities, including any repayment of principal
|
How the Securities Work
Hypothetical Examples
The below examples are based on the following terms and are purely hypothetical (the actual terms of your securities are specified on the cover hereof).
Investors will not be entitled to receive any dividends paid with respect to the index constituent stocks or any periodic interest. You should carefully consider whether an investment that does not
provide for any dividends or periodic interest is appropriate for you. All payments on the securities are subject to the credit risk of BNS.
Stated principal amount:
|
$1,000.00 per security
|
Early redemption payment:
|
The early redemption payment will be an amount in cash per security as follows:
|
|
1st determination date:
|
$1,075.00
|
Payment at maturity per security:
|
If the securities are not automatically redeemed prior to maturity, you will receive at maturity a cash payment per security as follows:
◾ If the final index value is greater than the initial index value:
$1,000.00 + leveraged upside payment
◾ 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
◾ 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 securities.
|
Leveraged upside payment:
|
$1,000.00 × leverage factor × underlying return
|
Leverage factor:
|
125.00% (applicable only if the securities are not automatically redeemed prior to maturity and the final index value is greater than the initial index value)
|
Hypothetical initial index value:
|
5,000.00
|
Trigger level:
|
3,750.00, which is 75% of the initial index value
|
Minimum payment at maturity:
|
None
|
EXAMPLE 1: The securities are redeemed following the first determination date.
Date
|
Index Closing Value
|
Payment (per security)
|
1st Determination Date
|
6,000 (greater than or equal to initial index value)
|
$1,075.00
|
In this example, the index closing value on the first determination date is greater than or equal to the initial index value. Therefore, the securities are automatically redeemed on the
first early redemption date. Investors will receive $1,075.00 per security on the related early redemption date (a total return of 7.50% on the securities). No further payments will be made on the securities once they have been redeemed, and
investors do not participate in the appreciation of the underlying index.
EXAMPLE 2: The securities are not automatically redeemed prior to maturity and the final index value is greater than or equal to the initial index value.
Final index value
|
5,250.00
|
Underlying return
|
(5,250.00 – 5,000.00) / 5,000.00 = 5.00%
|
Payment at maturity
|
= $1,000.00 + leveraged upside payment
|
|
= $1,000.00 + ($1,000.00 × leverage factor × underlying return)
|
|
= $1,000.00 + ($1,000.00 × 125.00% × 5.00%)
|
|
= $1,062.50
|
In this example, the index closing value is less than the initial index value on the determination date prior to the final determination date and, therefore,
the securities are not redeemed prior to maturity. On the final determination date, the final index value is greater than the initial index value and the underlying return is 5.00%. Accordingly, investors receive the stated principal amount at
maturity plus a return equal to 125.00% times the underlying return, resulting in a payment at maturity of $1,062.50 per security (a total return of 6.25%).
EXAMPLE 3: The securities are not automatically redeemed prior to maturity and the final index value is greater than or equal to the trigger level.
Final index value
|
4,750.00
|
Underlying return
|
(4,750.00 – 5,000.00) / 5,000.00 = -5.00%
|
Payment at maturity
|
= $1,000.00
|
In this example, the index closing value is less than the initial index value on the determination date prior to the final determination date and, therefore,
the securities are not redeemed prior to maturity. On the final determination date, the final index value is less than or equal to the initial index value but greater than or equal to the trigger level and the underlying return is -5.00%.
Accordingly, investors receive the stated principal amount of $1,000.00 per security at maturity (a total return of 0.00%).
EXAMPLE 4: The securities are not automatically redeemed prior to maturity and the final index value is less than the trigger level.
Final index value
|
2,000.00
|
Underlying return
|
(2,000.00 – 5,000.00) / 5,000.00 = -60.00%
|
Payment at maturity
|
= $1,000.00 + ($1,000.00 × underlying return)
|
|
= $1,000.00 + ($1,000.00 × -60.00%)
|
|
= $1,000.00 - $600.00
|
|
= $400.00
|
In this example, the index closing value is less than the initial index value on the determination date prior to the final determination date and, therefore,
the securities are not redeemed prior to maturity. On the final determination date, the final index value is less than the trigger level and the underlying return is -60.00%. Because the final index value is less than the trigger level, investors
are fully exposed to the decline of the final index value of the underlying index relative to the initial index value, resulting in a payment at maturity of $400.00 per security (a return on investment of -60.00%).
If the securities are not redeemed prior to maturity and 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 securities.
Risk Factors
The following is a non-exhaustive list of certain key risk factors for investors in the securities. For further discussion of these and other risks, you should read the section
entitled “Additional Risk Factors Specific to the Notes” of the accompanying product supplement and “Risk Factors” of the accompanying prospectus supplement and of the accompanying prospectus. We also urge you to consult your investment, legal,
tax, accounting and other advisors concerning an investment in the securities.
Risks Relating to Return Characteristics
◾ |
Risk of significant loss at maturity; you may lose up to your entire investment. The securities differ from ordinary debt securities in that BNS will not necessarily repay the stated principal
amount of the securities at maturity. If the securities are not automatically redeemed prior to maturity and the final index value is less than the trigger level, you will lose 1% of your principal for every 1% that the final index value
falls below the initial index value. You may lose up to your entire investment in the securities.
|
◾ |
The stated payout from the issuer applies only upon an early redemption or at maturity. You should be willing to hold your securities to maturity. The stated payout, including the benefit of the
early redemption payment or the leverage factor at maturity, is available only if you hold your securities to an early redemption or to maturity, as applicable. If you are able to sell your securities prior to maturity in the secondary
market, you may have to sell them at a loss relative to your investment in the securities even if the then-current value of the underlying index is greater than or equal to the trigger level.
|
■ |
If the securities are redeemed prior to maturity, the appreciation potential of the securities is limited by the fixed early redemption payment. If the index closing value is greater than or
equal to the initial index value on the determination date prior to the final determination date, the securities will be automatically redeemed. In this scenario, the appreciation potential of the securities is limited to the fixed early
redemption payment, and no further payments will be made on the securities once they have been redeemed. In addition, if the securities are redeemed prior to maturity, you will not participate in any increase of the underlying index, which
could be significant. Moreover, the fixed early redemption payment may be less than the payment at maturity you would receive for the same level of increase of the underlying index had the securities not been automatically redeemed and
instead remained outstanding until maturity.
|
■ |
Greater expected volatility with respect to the underlying index generally reflects a higher return rate represented by the early redemption payment, a higher leverage factor and a lower trigger level,
and a higher expectation as of the pricing date that the final index value could be less than the trigger level. Greater expected volatility with respect to the underlying index reflects a higher expectation as of the pricing date
that the securities will not be redeemed prior to maturity and that the final index value could be less than the trigger level. “Volatility” refers to the frequency and magnitude of changes in the level of an asset or group of assets. This
greater expected risk will generally be reflected in a higher return rate represented by the early redemption payment, a higher leverage factor and a lower trigger level for the securities than would have been the case had expected
volatility been lower. However, while such terms are set on the pricing date based, in part, on the underlying index’s volatility calculated using our internal models, the underlying index’s volatility can change significantly over the term
of the securities. The value of the underlying index could fall sharply, which could result in the loss of up to your entire investment in the securities.
|
■ |
The securities are subject to reinvestment risk in the event of an early redemption. The securities will be automatically redeemed prior to maturity if the index closing value of the underlying
index on the determination date prior to the final determination date is greater than or equal to the initial index value and you will not receive any further payments after the related early redemption date. Conversely, the securities will
not be automatically redeemed when the index closing value on the determination date prior to the final determination date is less than the initial index value, which generally coincides with a greater risk of principal loss on your
securities. If the securities are automatically redeemed prior to maturity, the term of your investment will be limited. In the event that the securities are redeemed prior to maturity, there is no guarantee that you will be able to
reinvest the proceeds from an investment in the securities at a comparable rate of return for a similar level of risk. In addition, to the extent you are able to reinvest such proceeds in an investment comparable to the securities, you will
incur transaction costs and the original issue price for such an investment is likely to include certain built-in costs such as dealer discounts and hedging costs.
|
■ |
The amount payable on the securities is not linked to the value of the underlying index at any time other than the determination dates. Whether you receive an early redemption payment will be
based only on the index closing value on the relevant determination date, subject to postponement for non-trading days and certain market disruption events. As a result, you will not know whether the securities will be automatically
redeemed for the early redemption payment until the determination date prior to the final determination date. Moreover, because whether the securities will be automatically redeemed is based solely on the value of the underlying index on
the determination date prior to the final determination date, if the index closing value on such determination date is less than the initial index value, you will not receive the early redemption payment
even if the value of the underlying index was greater than or equal to the initial index value on other days during the term of the securities.
|
Similarly, the final index value will be based only on the index closing value on the final determination date, subject to postponement for non-trading days and certain market disruption
events. If the value of the underlying index falls on the final determination date, the payment at maturity will be less, and may be significantly less, than it would have been had the payment at maturity been linked to the value of the underlying
index at any time prior to such drop. Although the actual value of the underlying index on the stated maturity date or at other times during the term of the securities may be higher than the index closing value on the final determination date, the
payment at maturity will be based solely on the index closing value on the final determination date.
■ |
Owning the securities is not the same as owning the index constituent stocks. The return on your securities may not reflect the return you would realize if you actually owned the index constituent
stocks. For example, you will not receive or be entitled to receive any dividend payments or other distributions paid on the index constituent stocks, and no such dividends or distributions will be factored into the calculation of the
payment at maturity on your securities. In addition, as an owner of the securities, you will not have voting rights or any other rights that a holder of the index constituent stocks may have.
|
Risks Relating to Characteristics of the Underlying Index
◾ |
An investment in the securities involves market risk associated with the underlying index. The return on the securities, which may be negative, is linked to the performance of the underlying index
and indirectly linked to the value of the index constituent stocks. The value of the underlying index can rise or fall sharply due to factors specific to the underlying index or its index constituent stocks and their issuers (the “index
constituent stock issuers”), such as stock or commodity price volatility, earnings, financial conditions, corporate, industry and regulatory developments, management changes and decisions and other events, as well as general market factors,
such as general stock market or commodity market volatility and values, interest rates and economic, political and other conditions. You, as an investor in the securities, should make your own investigation into the underlying index and the
index constituent stocks.
|
■ |
There can be no assurance that the investment view implicit in the securities will be successful. It is impossible to predict whether and the extent to which the value of the underlying index will
rise or fall and there can be no assurance that the index closing value on any determination date (including the final determination date) will be greater than or equal to the initial index value. The value of the underlying index will be
influenced by complex and interrelated political, economic, financial and other factors that affect the index constituent stock issuers. You should be willing to accept the risks associated with the relevant markets tracked by the
underlying index in general and each index constituent stock in particular, and the risk of losing a significant portion or all of your investment in the securities.
|
◾ |
The underlying index reflects price return, not total return. The return on the securities is based on the performance of the underlying index, which reflects the changes in the market prices of
the index constituent stocks. It is not, however, linked to a “total return” index or strategy, which, in addition to reflecting those price returns, would also reflect any dividends paid on the index constituent stocks. The return on the
securities will not include such a total return feature or dividend component.
|
◾ |
Changes affecting the underlying index could have an adverse effect on the market value of, and any amount payable on, the securities. The policies of the index sponsor as specified under
“Information About the Underlying Index” (the “index sponsor”), concerning additions, deletions and substitutions of the index constituent stocks and the manner in which the index sponsor takes account of certain changes affecting those
index constituent stocks may adversely affect the value of the underlying index. The policies of the index sponsor with respect to the calculation of the underlying index could also adversely affect the value of the underlying index. The
index sponsor may discontinue or suspend calculation or dissemination of the underlying index. Any such actions could have an adverse effect on the market value of, and any amount payable on, the securities.
|
◾ |
There is no affiliation between the index sponsor and BNS, and BNS is not responsible for any disclosure by such index sponsor. We or our affiliates may currently, or from time to time engage in
business with the index sponsor. However, we and our affiliates are not affiliated with the index sponsor and have no ability to control or predict its actions. You, as an investor in the securities, should conduct your own independent
investigation of the index sponsor and the underlying index. The index sponsor is not involved in the securities offered hereby in any way and has no obligation of any sort with respect to your securities. The index sponsor has no
obligation to take your interests into consideration for any reason, including when taking any actions that might affect the value of, and any amount payable on, your securities.
|
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 were set on the pricing date) is lower than the issue price of the securities. BNS’ initial
estimated value of the securities is only an estimate. The issue price of the securities exceeds BNS’ initial estimated value. The difference between the issue price of the securities and BNS’ initial estimated value reflects costs
associated with selling and structuring the securities, as well as hedging its obligations under the securities. Therefore, the economic terms of the securities are less favorable to you than they would have been if these expenses had not
been paid or had been lower.
|
◾ |
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 and SCUSA’s estimated value of the securities at any time are determined by reference to BNS’ internal funding rate. The internal funding rate used in the determination of the estimated value
of the securities generally represents a discount from the credit spreads for BNS’ conventional fixed-rate debt securities and the borrowing rate BNS would pay for its conventional fixed-rate debt securities. This discount is based on,
among other things, BNS’ view of the funding value of the securities as well as the higher issuance, operational and ongoing liability management costs of the securities in comparison to those costs for BNS’ conventional fixed-rate debt. If
the interest rate implied by the credit spreads for BNS’ conventional fixed-rate debt securities, or the borrowing rate BNS would pay for its conventional fixed-rate debt securities were to be used, BNS would expect the economic terms of
the securities to be more favorable to you. Consequently, the use of an internal funding rate for the securities increases the estimated value of the securities at any time and has an adverse effect on the economic terms of the 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. BNS’ initial estimated value of the
securities was determined by reference to its internal pricing models when the terms of the securities were set. These pricing models consider certain factors, such as BNS’ internal funding rate on the pricing date, the expected term of the
securities, market conditions and other relevant factors existing at that time, and BNS’ assumptions about market parameters, which can include volatility of the underlying index, dividend rates, interest rates and other factors. Different
pricing models and assumptions (including the pricing models and assumptions used by SCUSA) could provide valuations for the securities that are different, and perhaps materially lower, from BNS’ initial estimated value. Therefore, the
price at which SCUSA would buy or sell your securities (if SCUSA makes a market, which it is not obligated to do) may be materially lower than BNS’ initial estimated value. In addition, market conditions and other relevant factors in the
future may change, and any assumptions may prove to be incorrect.
|
◾ |
The securities have limited liquidity. The securities will not be listed on any securities exchange or automated quotation system. Therefore, there may be little or no secondary market for the
securities. SCUSA and any other affiliates of BNS intend, but are not required, to make a market in the securities. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the securities
easily. Because we do not expect that other broker-dealers will participate in the secondary market for the securities, the price at which you may be able to trade your securities is likely to depend on the price, if any, at which SCUSA is
willing to purchase the securities from you. If at any time SCUSA does not make a market in the securities, it is likely that there would be no secondary market for the securities. Accordingly, you should be willing to hold your securities
to maturity.
|
◾ |
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. SCUSA’s estimated
value of the securities is determined by reference to its pricing models and takes into account BNS’ internal funding rate. The price at which SCUSA would initially buy or sell your securities in the secondary market (if SCUSA makes a
market, which it is not obligated to do) exceeds SCUSA’s estimated value of your securities at the time of pricing. As agreed by SCUSA and the distribution participants, this excess is expected to decline to zero over the period specified
under “Additional Information About the securities — Supplemental information regarding plan of distribution (conflicts of interest); secondary markets (if any)”. Thereafter, if SCUSA buys or sells your securities it will do so at prices
that reflect the estimated value determined by reference to SCUSA’s pricing models at that time. The price at which SCUSA will buy or sell your securities at any time also will reflect its then-current bid and ask spread for similar sized
trades of structured notes. If SCUSA calculated its estimated value of your securities by reference to BNS’ credit spreads or the borrowing rate BNS would pay for its conventional fixed-rate debt securities (as opposed to BNS’ internal
funding rate), the price at which SCUSA would buy or sell your securities (if SCUSA makes a market, which it is not obligated to do) could be significantly lower.
|
SCUSA’s pricing models consider certain variables, including principally BNS’ internal funding rate, interest rates (forecasted, current and historical rates), the volatility of
the underlying index, price-sensitivity analysis and the time to maturity of the securities. These pricing models are proprietary and rely in part on certain assumptions about future events, which may prove to be incorrect. As a result, the actual
value you would receive if you sold your securities in the secondary market, if any, to others may differ, perhaps materially, from the estimated value of the securities determined by reference to SCUSA’s models, taking into account BNS’ internal
funding rate, due to, among other things, any differences in pricing models or assumptions used by others. See “— 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” herein.
In addition to the factors discussed above, the value and quoted price of the securities at any time will reflect many factors and cannot be predicted. If SCUSA makes a market in
the securities, the price quoted by SCUSA would reflect any changes in market conditions and other relevant factors, including any deterioration in BNS’ creditworthiness or perceived creditworthiness. These changes may adversely affect the value of
the securities, including the price you may receive for the securities in any market making transaction. To the extent that SCUSA makes a market in the securities, the quoted price will reflect the estimated value determined by reference to SCUSA’s
pricing models at that time, plus or minus SCUSA’s then current bid and ask spread for similar sized trades of structured notes (and subject to the declining excess amount described above).
Furthermore, if you sell your securities, you will likely be charged a commission for secondary market transactions, or the price will likely reflect a dealer discount. This
commission or discount will further reduce the proceeds you would receive for your securities in a secondary market sale.
There is no assurance that SCUSA or any other party will be willing to purchase your securities at any price and, in this regard, SCUSA is not obligated to make a market in the
securities. See “— The securities have limited liquidity” herein.
■ |
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. The price at which the securities may be sold prior to maturity will depend on a number of factors. Some of these factors include, but are not limited to: (i) actual or anticipated changes in the
value of the underlying index over the full term of the securities, (ii) volatility of the value of the underlying index and the index constituent stocks and the market's perception of future volatility of the foregoing, (iii) changes in
interest rates generally, (iv) any actual or anticipated changes in our credit ratings or credit spreads, (v) dividend yields on the index constituent stocks and (vi) time remaining to maturity. In particular, because the provisions of the
securities relating to the early redemption feature and the payment at maturity behave like options, the value of the securities will vary in ways which are non-linear and may not be intuitive.
|
Depending on the actual or anticipated value of the underlying index and other relevant factors, the market value of the securities may decrease and you may receive substantially
less than the stated principal amount if you sell your securities prior to maturity regardless of the value of the underlying index at such time.
See “Additional Risk Factors Specific to the Notes — Risks Relating to Liquidity — The Market Value of Your Notes May Be Influenced by Many Unpredictable Factors” in the
accompanying product supplement.
Risks Relating to General Credit Characteristics
◾ |
Payments on the securities are subject to the credit risk of BNS. The securities are senior unsecured debt obligations of BNS and are not, either directly or indirectly, an obligation of any third
party. Any payment to be made on the securities, including any repayment of principal, depends on the ability of BNS to satisfy its obligations as they come due. As a result, BNS’ actual and
perceived creditworthiness may affect the market value of the securities. If BNS were to default on its obligations, you may not receive any amounts owed to you under the terms of the securities and you could lose your entire investment in
the securities.
|
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. We, SCUSA or one or more of our other affiliates has hedged or expects to hedge our obligations under the securities. Such hedging transactions may include entering into swap
or similar agreements, purchasing shares of the index constituent stocks and/or purchasing futures, options and/or other instruments linked to the underlying index and/or one or more of the index constituent stocks. We, SCUSA or one or more
of our other affiliates also expects to adjust the hedge by, among other things, purchasing or selling any of the foregoing, and perhaps other instruments linked to the underlying index and/or one or more of the index constituent stocks, at
any time and from time to time, and to unwind the hedge by selling any of the foregoing on or before the final determination date. We, SCUSA or one or more of our other affiliates may also enter into, adjust and unwind hedging transactions
relating to other basket- or index-linked securities whose returns are linked to changes in the value of the underlying index and/or one or more underlying index and/or the index constituent stocks. Any of these hedging activities may
adversely affect the value of the underlying index—directly or indirectly by affecting the price of their index constituent stocks — and therefore the market value of the securities and the amount you will receive, if any, on the
securities.
|
You should expect that these transactions will cause BNS, SCUSA or our other affiliates, or our clients or counterparties, to have economic interests and incentives that do not align with,
and that may be directly contrary to, those of an investor in the securities. None of BNS, SCUSA or any of our other affiliates will have any obligation to take, refrain from taking or cease taking any action with respect to these transactions
based on the potential effect on an investor in the securities, and any of the foregoing may receive substantial returns with respect to these hedging activities while the value of, and return on, the securities declines.
■ |
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 securities. We, SCUSA and our other affiliates regularly
provide a wide range of financial services, including financial advisory, investment advisory and transactional services to a substantial and diversified client base. As such, we each may act as an investor, investment banker, research
provider, investment manager, investment advisor, market maker, trader, prime broker or lender. In those and other capacities, we, SCUSA and/or our other affiliates purchase, sell or hold a broad array of investments, actively trade
securities (including the securities or other securities that we have issued), the index constituent stocks, derivatives, loans, credit default swaps, indices, baskets and other financial instruments and products for our or their own
respective accounts or for the accounts of our customers, and we will have other direct or indirect interests, in those securities and in other markets that may not be consistent with your interests and may adversely affect the value of the
underlying index and/or the value of the securities. You should assume that we or they will, at present or in the future, provide such services or otherwise engage in transactions with, among others, us and the index constituent stock
issuers, or transact in securities or instruments or with parties that are directly or indirectly related to these entities. These services could include making loans to or equity investments in those companies, providing financial advisory
or other investment banking services, or issuing research reports. Any of these financial market activities may, individually or in the aggregate, have an adverse effect on the value of the underlying index and the market for your
securities, and you should expect that our interests and those of SCUSA and/or our other affiliates, clients or counterparties, will at times be adverse to those of investors in the securities.
|
You should expect that we, SCUSA, and our other affiliates, in providing these services, engaging in such transactions, or acting for our or their own respective accounts, may take
actions that have direct or indirect effects on the securities or other securities that we may issue, the index constituent stocks, other securities or instruments similar to or linked to the foregoing, and that such actions could be adverse to the
interests of investors in the securities. In addition, in connection with these activities, certain personnel within us, SCUSA or our other affiliates may have access to confidential material non-public information about these parties that would
not be disclosed to investors in the securities.
We, SCUSA and our other affiliates regularly offer a wide array of securities, financial instruments and other products into the marketplace, including existing or new products
that are similar to the securities or other securities that we may issue, the index constituent stocks or other securities or instruments similar to or linked to the foregoing. Investors in the securities should expect that we, SCUSA and our other
affiliates offer securities, financial instruments, and other products that may compete with the securities for liquidity or otherwise.
■ |
Activities conducted by BNS and its affiliates may impact the value of the underlying index and the value of the securities. Trading or transactions by BNS, SCUSA or our other affiliates in the
underlying index or any index constituent stocks, listed and/or over-the-counter options, futures, exchange-traded funds or other instruments with returns linked to the performance of the underlying index or any index constituent stocks may
adversely affect the value of the underlying index or index constituent stocks and, therefore, the market value of the securities. See “— 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” for additional information regarding hedging-related transactions and trading.
|
■ |
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. The calculation agent will be an
affiliate of BNS. The calculation agent will determine whether the early redemption payment is payable to you on any early redemption date and the payment at maturity of the securities, if any, based on observed index closing values of the
underlying index on the relevant determination date. The calculation agent can postpone the determination of the index closing value or final index value (and therefore the related early redemption date or maturity date, as applicable) if a
market disruption event occurs and is continuing with respect to the underlying index on any determination date (including the final determination date).
|
■ |
BNS and its affiliates may publish research or make opinions or recommendations that are inconsistent with an investment in the securities. BNS, SCUSA and our other affiliates may publish research
from time to time on financial markets and other matters that may influence the value of the securities, or express opinions or provide recommendations that are inconsistent with purchasing or holding the securities. Any research, opinions
or recommendations expressed by BNS, SCUSA or our other affiliates may not be consistent with each other and may be modified from time to time without notice. Investors should make their own independent investigation of the merits of
investing in the securities and the underlying index to which the securities are linked.
|
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” herein.
|
Information About the Underlying Index
All disclosures contained in this document regarding the underlying index are derived from publicly available information. BNS has not conducted any independent review or due
diligence of any publicly available information with respect to the underlying index. You should make your own investigation into the underlying index.
S&P 500® Index
We have derived all information contained herein regarding the underlying index, including without limitation, its make-up, method of calculation and changes in its components
from publicly available information. Such information reflects the policies of, and is subject to change by, S&P Dow Jones Indices LLC (the “index sponsor”), and/or its affiliates.
The underlying index includes a representative sample of 500 companies in leading industries of the U.S. economy and is intended to provide a performance benchmark for the
large-cap U.S. equity markets. Please see “Indices—The S&P 500® Index” in the accompanying underlier supplement for additional information regarding the underlying index, the index sponsor and our license agreement with respect to
the underlying index. Additional information regarding the underlying index, including its sectors, sector weightings and top constituents, may be available on the index sponsor’s website.
Information as of market close on August 30, 2024:
Bloomberg Ticker Symbol:
|
SPX <Index>
|
52 Week High (on July 16, 2024):
|
5,667.20
|
Current Index Value:
|
5,648.40
|
52 Week Low (on October 27, 2023):
|
4,117.37
|
52 Weeks Ago (on August 30, 2023):
|
4,514.87
|
|
|
Historical Information
The table below sets forth the published high and low index closing values, as well as the end-of-quarter index closing values, of the underlying index for the specified period.
The index closing value of the underlying index on August 30, 2024 was 5,648.40. The graph below sets forth the index closing values of the underlying index for each day from January 1, 2019 through August 30, 2024. The dotted line represents the
trigger level of 4,236.30, which is equal to 75% of the initial index value. We obtained the information in the table below from Bloomberg Professional® service (“Bloomberg”), without independent verification. BNS has not undertaken an
independent review or due diligence of any publicly available information obtained from Bloomberg. The historical performance of the underlying index should not be taken as an indication of its future performance,
and no assurance can be given as to the index closing value of the underlying index at any time, including the determination dates.
|
|
|
|
2019
|
|
|
|
First Quarter
|
2,854.88
|
2,447.89
|
2,834.40
|
Second Quarter
|
2,954.18
|
2,744.45
|
2,941.76
|
Third Quarter
|
3,025.86
|
2,840.60
|
2,976.74
|
Fourth Quarter
|
3,240.02
|
2,887.61
|
3,230.78
|
2020
|
|
|
|
First Quarter
|
3,386.15
|
2,237.40
|
2,584.59
|
Second Quarter
|
3,232.39
|
2,470.50
|
3,100.29
|
Third Quarter
|
3,580.84
|
3,115.86
|
3,363.00
|
Fourth Quarter
|
3,756.07
|
3,269.96
|
3,756.07
|
2021
|
|
|
|
First Quarter
|
3,974.54
|
3,700.65
|
3,972.89
|
Second Quarter
|
4,297.50
|
4,019.87
|
4,297.50
|
Third Quarter
|
4,536.95
|
4,258.49
|
4,307.54
|
Fourth Quarter
|
4,793.06
|
4,300.46
|
4,766.18
|
2022
|
|
|
|
First Quarter
|
4,796.56
|
4,170.70
|
4,530.41
|
Second Quarter
|
4,582.64
|
3,666.77
|
3,785.38
|
Third Quarter
|
4,305.20
|
3,585.62
|
3,585.62
|
Fourth Quarter
|
4,080.11
|
3,577.03
|
3,839.50
|
2023
|
|
|
|
First Quarter
|
4,179.76
|
3,808.10
|
4,109.31
|
Second Quarter
|
4,450.38
|
4,055.99
|
4,450.38
|
Third Quarter
|
4,588.96
|
4,273.53
|
4,288.05
|
Fourth Quarter
|
4,783.35
|
4,117.37
|
4,769.83
|
2024
|
|
|
|
First Quarter
|
5,254.35
|
4,688.68
|
5,254.35
|
Second Quarter
|
5,487.03
|
4,967.23
|
5,460.48
|
Third Quarter (through August 30, 2024)
|
5,667.20
|
5,186.33
|
5,648.40
|
S&P 500® Index – Daily Index Closing Values
January 1, 2019 to August 30, 2024
|
This document relates only to the securities offered hereby and does not relate to the underlying index or other securities linked to the underlying index. We have derived all
disclosures contained in this document regarding the underlying index from the publicly available documents described in the preceding paragraphs. In connection with the offering of the securities, none of us or any of our affiliates have
participated in the preparation of such documents or made any due diligence inquiry with respect to the underlying index.
Neither the issuer nor any of its affiliates makes any representation to you as to the performance of the underlying index.
Additional Information About the Securities
Please read this information in conjunction with the summary terms on the front cover of this document.
|
Additional Provisions:
|
|
|
Record date:
|
The record date for each early redemption date shall be the date one business day prior to such scheduled early redemption date.
|
|
|
Trustee:
|
Computershare Trust Company, N.A.
|
|
|
Calculation agent:
|
Scotia Capital Inc.
|
|
|
Trading day:
|
As specified in the product supplement under “General Terms of the Notes — Special Calculation Provisions — Trading Day”.
|
|
|
Business day:
|
A day other than a Saturday or Sunday or a day on which banking institutions in New York City are authorized or required by law to close.
|
|
|
Tax redemption:
|
Notwithstanding anything to the contrary in the accompanying product supplement, the provisions set forth under “General Terms of the Notes — Payment of Additional Amounts”
and “General Terms of the Notes — Tax Redemption” shall not apply to the securities.
|
|
|
Canadian bail-in:
|
The securities are not bail-inable debt securities under the CDIC Act.
|
|
|
Terms incorporated:
|
All of the terms appearing above the item under the caption “General Terms of the Notes” in the accompanying product supplement, as modified by this
document, and for purposes of the foregoing, the terms used herein mean the corresponding terms as defined in the accompanying product supplement, as specified below:
|
|
Term used herein
|
Corresponding term in the accompanying
product supplement
|
|
underlying index
|
reference asset
|
|
index constituent stocks
|
reference asset constituents
|
|
stated principal amount
|
principal amount
|
|
original issue date
|
issue date
|
|
determination dates
|
valuation dates
|
|
final determination date
|
final valuation date
|
|
index closing value
|
closing value
|
|
initial index value
|
initial value
|
|
final index value
|
final value
|
|
underlying return
|
reference asset return
|
|
trigger level
|
barrier value
|
|
leverage factor
|
participation rate
|
|
|
Additional information regarding
estimated value of the
securities:
|
On the cover page of this pricing supplement, BNS has provided the initial estimated value for the securities. This estimated value was determined by reference to BNS’
internal pricing models, which take into consideration certain factors, such as BNS’ internal funding rate on the pricing date and BNS’ assumptions about market parameters. For more information about the initial estimated value, see “Risk
Factors — Risks Relating to Estimated Value and Liquidity” herein.
The economic terms of the securities are based on BNS’ internal funding rate, which is the rate BNS would pay to borrow funds through the issuance of similar market-linked
securities and the economic terms of certain related hedging arrangements. Due to these factors, the issue price you pay to purchase the securities is greater than the initial estimated value of the securities. BNS’ internal funding rate is
typically lower than the rate BNS would pay when it issues conventional fixed rate debt securities as discussed further under “Risk Factors — Risks Relating to Estimated Value and Liquidity — 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’ use of its internal funding rate reduces the economic terms of the securities to
you. We urge you to read the “Risk Factors” in this pricing supplement for additional information.
|
|
|
Material Canadian income tax
consequences:
|
See “Supplemental Discussion of Canadian Tax Consequences” in the accompanying product supplement for a discussion of the material Canadian income tax consequences of an
investment in the securities. In addition to the assumptions, limitations and conditions described therein, such discussion assumes that a Non-Resident Holder is not an entity in respect of which BNS is a “specified entity” as defined in
the Income Tax Act (Canada) (the “Act”).
Such discussion further assumes that no amount paid or payable to a Non-Resident Holder will be the deduction component of a “hybrid mismatch arrangement” under which the
payment arises within the meaning of paragraph 18.4(3)(b) of the Act.
|
|
|
Tax considerations:
|
The U.S. federal income tax consequences of your investment in the securities are uncertain. There are no statutory provisions, regulations,
published rulings or judicial decisions addressing the characterization for U.S. federal income tax purposes of securities with terms that are substantially the same as the securities. Some of these tax consequences are summarized below,
but we urge you to read the more detailed discussion in “Material U.S. Federal Income Tax Consequences”, in the accompanying product supplement and to discuss the tax consequences of your particular situation with your tax advisor. This discussion is based upon the U.S. Internal Revenue Code of 1986, as amended (the “Code”), final, temporary and proposed U.S. Department of the Treasury (the “Treasury”) regulations, rulings and decisions,
in each case, as available and in effect as of the date hereof, all of which are subject to change, possibly with retroactive effect. Tax consequences under state, local and non-U.S. laws are not addressed herein. No ruling from the U.S.
Internal Revenue Service (the “IRS”) has been sought as to the U.S. federal income tax consequences of your investment in the securities, and the following discussion is not binding on the IRS.
U.S. Tax Treatment. Pursuant to the terms of the securities, BNS and you agree, in the absence of a statutory or regulatory change or
an administrative determination or judicial ruling to the contrary, to characterize your securities as prepaid derivative contracts with respect to the underlying index. If your securities are so treated, you should generally recognize
long-term capital gain or loss if you hold your securities for more than one year (and, otherwise, short-term capital gain or loss) upon the taxable disposition (including cash settlement) of your securities, in an amount equal to the
difference between the amount you receive at such time and the amount you paid for your securities. The deductibility of capital losses is subject to limitations.
Although uncertain, it is possible that the early redemption payment, or proceeds received from the taxable disposition of the securities prior to the early redemption date
that could be attributed to the expected early redemption payment, could be treated as ordinary income. You should consult your tax advisor regarding this risk.
Based on certain factual representations received from us, our special U.S. tax counsel, Fried, Frank, Harris, Shriver & Jacobson LLP, is of the opinion
that it would be reasonable to treat your securities in the manner described above. However, because there is no authority that specifically addresses the tax treatment of the securities, it is possible that your securities could
alternatively be treated for tax purposes as a single contingent payment debt instrument, or pursuant to some other characterization, such that the timing and character of your income from the securities could differ materially and
adversely from the treatment described above, as described further under “Material U.S. Federal Income Tax Consequences”, in the accompanying product supplement.
Except to the extent otherwise required by law, BNS intends to treat your securities for U.S. federal income tax purposes in accordance with the treatment described above and
under “Material U.S. Federal Income Tax Consequences” in the accompanying product supplement, unless and until such time as the Treasury and the IRS determine that some other treatment is more appropriate.
Notice 2008-2. In 2007, the IRS released a notice that may affect the taxation of holders of the securities. According to Notice
2008-2, the IRS and the Treasury are actively considering whether a holder of an instrument such as the securities should be required to accrue ordinary income on a current basis. It is not possible to determine what guidance they will
ultimately issue, if any. It is possible, however, that under such guidance, holders of the securities will ultimately be required to accrue income currently and this could be applied on a retroactive basis. The IRS and the Treasury are
also considering other relevant issues, including whether additional gain or loss from such instruments should be treated as ordinary or capital, whether non-U.S. holders of such instruments should be subject to withholding tax on any
deemed income accruals, and whether the special “constructive ownership rules” of Section 1260 of the Code should be applied to such instruments. Both U.S. and non-U.S. holders are urged to consult their tax advisors concerning the
significance, and the potential impact, of the above considerations.
Medicare Tax on Net Investment Income. U.S. holders that are individuals, estates or certain trusts are subject to an additional 3.8%
tax on all or a portion of their “net investment income,” or “undistributed net investment income” in the case of an estate or trust, which may include any income or gain realized with respect to the securities, to the extent of their net
investment income or undistributed net investment income (as the case may be) that, when added to their other modified adjusted gross income, exceeds $200,000 for an unmarried individual, $250,000 for a married taxpayer filing a joint
return (or a surviving spouse), $125,000 for a married individual filing a separate return or the dollar amount at which the highest tax bracket begins for an estate or trust. The 3.8% Medicare tax is determined in a different manner than
the regular income tax. U.S. holders should consult their tax advisors as to the consequences of the 3.8% Medicare tax.
Specified Foreign Financial Assets. U.S. holders may be subject to reporting obligations with respect to their securities if they do
not hold their securities in an account maintained by a financial institution and the aggregate value of their securities and certain other “specified foreign financial assets” (applying certain attribution rules) exceeds an applicable
threshold. Significant penalties can apply if a U.S. holder is required to disclose its securities and fails to do so.
Non-U.S. Holders. Subject to Section 871(m) of the Code and “FATCA”, discussed below, if you are a non-U.S. holder you should
generally not be subject to U.S. withholding tax with respect to payments on your securities or to generally applicable information reporting and backup
|
|
|
|
withholding requirements with respect to payments on your securities if you comply with certain certification and identification requirements as to your non-U.S. status (by
providing us (and/or the applicable withholding agent) with a fully completed and duly executed applicable IRS Form W-8). Subject to Section 897 of the Code and Section 871(m) of the Code, discussed below, gain realized from the taxable
disposition of a securities generally should not be subject to U.S. tax unless (i) such gain is effectively connected with a trade or business conducted by you in the U.S., (ii) you are a non-resident alien individual and are present in the
U.S. for 183 days or more during the taxable year of such taxable disposition and certain other conditions are satisfied or (iii) you have certain other present or former connections with the U.S.
Section 897. We will not attempt to ascertain whether any index constituent stock issuer would be treated as a “United States real
property holding corporation” (“USRPHC”) within the meaning of Section 897 of the Code. We also have not attempted to determine whether the securities should be treated as “United States real property interests” (“USRPI”) as defined in
Section 897 of the Code. If any such entity and/or the securities were so treated, certain adverse U.S. federal income tax consequences could possibly apply, including subjecting any gain to a non-U.S. holder in respect of a securities upon
a taxable disposition (including cash settlement) of the securities to the U.S. federal income tax on a net basis, and the proceeds from such a taxable disposition to a 15% withholding tax. Non-U.S. holders should consult their tax advisors
regarding the potential treatment of any index constituent stock issuer as a USRPHC and/or the securities as USRPI.
Section 871(m). A 30% withholding tax (which may be reduced by an applicable income tax treaty) is imposed under Section 871(m) of the
Code on certain “dividend equivalents” paid or deemed paid to a non-U.S. holder with respect to a “specified equity-linked instrument” that references one or more dividend-paying U.S. equity securities or indices containing U.S. equity
securities. The withholding tax can apply even if the instrument does not provide for payments that reference dividends. Treasury regulations provide that the withholding tax applies to all dividend equivalents paid or deemed paid on
specified equity-linked instruments that have a delta of one (“delta-one specified equity-linked instruments”) issued after 2016 and to all dividend equivalents paid or deemed paid on all other specified equity-linked instruments issued
after 2017. However, the IRS has issued guidance that states that the Treasury and the IRS intend to amend the effective dates of the Treasury regulations to provide that withholding on dividend equivalents paid or deemed paid will not
apply to specified equity-linked instruments that are not delta-one specified equity-linked instruments and are issued before January 1, 2027.
Based on the nature of the underlying index and our determination that the securities are not “delta-one” with respect to the underlying index or any index constituent stocks,
our special U.S. tax counsel is of the opinion that the securities should not be delta-one specified equity-linked instruments and thus should not be subject to withholding on dividend equivalents. Our determination is not binding on the
IRS, and the IRS may disagree with this determination. Furthermore, the application of Section 871(m) of the Code will depend on our determinations on the date the terms of the securities are set. If withholding is required, we will not
make payments of any additional amounts.
Nevertheless, after the date the terms are set, it is possible that your securities could be deemed to be reissued for tax purposes upon the occurrence of certain events
affecting the underlying index, any index constituent stocks or your securities, and following such occurrence your securities could be treated as delta-one specified equity-linked instruments that are subject to withholding on dividend
equivalents. It is also possible that withholding tax or other tax under Section 871(m) of the Code could apply to the securities under these rules. If you enter, or have entered, into other transactions in respect of the underlying index,
any index constituent stocks or the securities should consult your tax advisor regarding the application of Section 871(m) of the Code to your securities in the context of your other transactions.
Because of the uncertainty regarding the application of the 30% withholding tax on dividend equivalents to the securities, you are urged to consult your tax
advisor regarding the potential application of Section 871(m) of the Code and the 30% withholding tax to an investment in the securities.
FATCA. The Foreign Account Tax Compliance Act (“FATCA”) was enacted on March 18, 2010, and imposes a 30% U.S. withholding tax on
“withholdable payments” (i.e., certain U.S.-source payments, including interest (and original issue discount), dividends, other fixed or determinable annual or periodical gain, profits, and income, and on the gross proceeds from a
disposition of property of a type which can produce U.S.-source interest or dividends) and “passthru payments” (i.e., certain payments attributable to withholdable payments) made to certain foreign financial institutions (and certain of
their affiliates) unless the payee foreign financial institution agrees (or is required), among other things, to disclose the identity of any U.S. individual with an account at the institution (or the relevant affiliate) and to annually
report certain information about such account. FATCA also requires withholding agents making withholdable payments to certain foreign entities that do not disclose the name, address, and taxpayer identification number of any substantial
U.S. owners (or do not certify that they do not have any substantial U.S. owners) to withhold tax at a rate of 30%. Under certain circumstances, a holder may be eligible for refunds or credits of such taxes.
Pursuant to final and temporary Treasury regulations and other IRS guidance, the withholding and reporting requirements under FATCA will generally apply to certain
“withholdable payments”, will not apply to gross proceeds on a sale or disposition, and will apply to certain foreign passthru
|
|
|
|
payments only to the extent that such payments are made after the date that is two years after final regulations defining the term “foreign passthru payment” are published. If
withholding is required, we (or the applicable paying agent) will not be required to pay additional amounts with respect to the amounts so withheld. Foreign financial institutions and non-financial foreign entities located in jurisdictions
that have an intergovernmental agreement with the U.S. governing FATCA may be subject to different rules.
Investors should consult their tax advisors about the application of FATCA, in particular if they may be classified as financial institutions (or if they hold their securities
through a foreign entity) under the FATCA rules.
Backup Withholding and Information Reporting. The proceeds received from a taxable disposition of the securities will be subject to
information reporting unless you are an “exempt recipient” and may also be subject to backup withholding at the rate specified in the Code if you fail to provide certain identifying information (such as an accurate taxpayer number, if you
are a U.S. holder) or meet certain other conditions.
Amounts withheld under the backup withholding rules are not additional taxes and may be refunded or credited against your U.S. federal income tax liability, provided the
required information is furnished to the IRS.
U.S. Federal Estate Tax Treatment of Non-U.S. Holders. The securities may be subject to U.S. federal estate tax if an individual
non-U.S. holder holds the securities at the time of his or her death. The gross estate of a non-U.S. holder domiciled outside the U.S. includes only property situated in the U.S. Individual non-U.S. holders should consult their tax advisors
regarding the U.S. federal estate tax consequences of holding the securities at death.
Proposed Legislation. In 2007, legislation was introduced in Congress that, if it had been enacted, would have required holders of
securities purchased after the bill was enacted to accrue interest income over the term of the securities despite the fact that there will be no interest payments over the term of the securities.
Furthermore, in 2013, the House Ways and Means Committee released in draft form certain proposed legislation relating to financial instruments. If it had been enacted, the
effect of this legislation generally would have been to require instruments such as the securities to be marked to market on an annual basis with all gains and losses to be treated as ordinary, subject to certain exceptions.
It is not possible to predict whether any similar or identical bills will be enacted in the future, or whether any such bill would affect the tax treatment of your securities.
You are urged to consult your tax advisor regarding the possible changes in law and their possible impact on the tax treatment of your securities.
Both U.S. and non-U.S. holders are urged to consult their tax advisors concerning the application of U.S. federal income tax laws to their particular
situations, as well as any tax consequences of the purchase, beneficial ownership and disposition of the securities arising under the laws of any state, local, non-U.S. or other taxing jurisdiction (including that of BNS).
|
|
|
Supplemental information
regarding plan of distribution
(conflicts of interest); secondary
markets (if any):
|
SCUSA, our affiliate, has agreed to purchase the securities at the stated principal amount and, as part of the distribution of the securities, has agreed to sell the
securities to Morgan Stanley Wealth Management with an underwriting discount of $25.00 reflecting a fixed sales commission of $20.00 and fixed structuring fee of $5.00 per $1,000.00 stated principal amount of securities that Morgan Stanley
Wealth Management sells. BNS or an affiliate may also pay a fee to LFT Securities, LLC, an entity in which an affiliate of Morgan Stanley Wealth Management has an ownership interest, for providing certain electronic platform services with
respect to this offering.
|
|
|
|
BNS, SCUSA or any other affiliate of BNS may use this document, the accompanying product supplement and the accompanying prospectus in a market-making transaction for any
securities after their initial sale. In connection with the offering, BNS, SCUSA, any other affiliate of BNS or any other securities dealers may distribute this document, the accompanying product supplement and the accompanying prospectus
electronically. Unless BNS or its agent informs the purchaser otherwise in the confirmation of sale, this document, the accompanying product supplement and the accompanying prospectus are being used in a market-making transaction.
|
|
|
|
Conflicts of Interest — SCUSA is an affiliate of BNS and, as such, has a “conflict of
interest” in this offering within the meaning of the Financial Industry Regulatory Authority, Inc. (“FINRA”) Rule 5121. In addition, BNS will receive the gross proceeds from the initial public offering of the securities, thus creating an
additional conflict of interest within the meaning of FINRA Rule 5121. Consequently, the offering is being conducted in compliance with the provisions of FINRA Rule 5121. SCUSA is not permitted to sell securities in this offering to an
account over which it exercises discretionary authority without the prior specific written approval of the account holder.
In the ordinary course of their various business activities, SCUSA, and its affiliates may make or hold a broad array of investments and actively trade debt and equity
securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers, and such investment and securities activities may involve securities and/or
instruments of BNS. SCUSA, and its affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that
they acquire, long and/or short positions in such securities and instruments.
|
|
|
|
SCUSA and its affiliates may offer to buy or sell the securities in the secondary market (if any) at prices greater than BNS’ internal
valuation — The value of the securities at any time will vary based on many factors that cannot be predicted. However, the price (not including SCUSA’s or any affiliates’ customary bid-ask
spreads) at which SCUSA or any affiliate would offer to buy or sell the securities immediately after the pricing date in the secondary market is expected to exceed the initial estimated value of the securities as determined by reference to
our internal pricing models. The amount of the excess will decline to zero on a straight line basis over a period ending no later than 6 weeks after the pricing date, provided that SCUSA may shorten the period based on various factors,
including the magnitude of purchases and other negotiated provisions with selling agents. Notwithstanding the foregoing, SCUSA and its affiliates intend, but are not required, to make a market for the securities and may stop making a market
at any time. For more information about secondary market offers and the initial estimated value of the securities, see “Risk Factors” herein.
|
|
|
Prohibition of sales to EEA retail
investors:
|
The securities are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the
European Economic Area (“EEA”). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU, as amended (“MiFID II”); (ii) a customer
within the meaning of Directive (EU) 2016/97, as amended, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU)
2017/1129, as amended. Consequently no key information document required by Regulation (EU) No 1286/2014, as amended (the “PRIIPs Regulation”), for offering or selling the securities or otherwise making them available to retail investors in
the EEA has been prepared and therefore offering or selling the securities or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.
|
|
|
Prohibition of sales to United
Kingdom retail investors:
|
The only categories of person in the United Kingdom to whom this document may be distributed are those persons who (i) have professional experience in matters relating to
investments falling within the definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Financial Promotion Order”)), (ii) are
persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc.”) of the Financial Promotion Order, or (iii) are persons to whom an invitation or inducement to engage in investment activity
(within the meaning of section 21 of the Financial Services and Markets Act 2000 (“FSMA”)) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons in
(i)-(iii) above together being referred to as “Relevant Persons”). This document is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to
which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. This document may only be provided to persons in the United Kingdom in circumstances where section 21(1) of FSMA does not
apply to BNS. The securities are not being offered to “retail investors” within the meaning of the Packaged Retail and Insurance-based Investment Products Regulations 2017 and accordingly no Key Information Document has been produced under
these regulations.
|
|
|
Validity of the securities:
|
In the opinion of Fried, Frank, Harris, Shriver & Jacobson LLP, as special counsel to BNS, when the securities offered by this pricing supplement have been executed and
issued by BNS and authenticated by the trustee pursuant to the indenture and delivered, paid for and sold as contemplated herein, the securities will be valid and binding obligations of BNS, enforceable against BNS in accordance with their
terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, receivership or other laws relating to or affecting creditors’ rights generally, and to general principles of equity (regardless of
whether enforcement is sought in a proceeding at law or in equity). This opinion is given as of the date hereof and is limited to the laws of the State of New York. Insofar as this opinion involves matters governed by Canadian law, Fried,
Frank, Harris, Shriver & Jacobson LLP has assumed, without independent inquiry or investigation, the validity of the matters opined on by Osler, Hoskin & Harcourt LLP, Canadian legal counsel for BNS, in its opinion expressed below.
In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the indenture and, with respect to the securities, authentication of the securities and the genuineness of signatures
and certain factual matters, all as stated in the opinion of Fried, Frank, Harris, Shriver & Jacobson LLP dated February 28, 2022 filed with the SEC as an exhibit to the Current Report on Form 6-K on March 1, 2022.
In the opinion of Osler, Hoskin & Harcourt LLP, the issue and sale of the securities has been duly authorized by all necessary corporate action of BNS in conformity with
the Indenture, and when the securities have been duly executed, authenticated and issued in accordance with the Indenture, and delivered against payment therefor, the securities will be validly issued and, to the extent validity of the
securities is a matter governed by the laws of the Province of Ontario or the federal laws of Canada applicable therein, will be valid obligations of BNS, subject to the following limitations (i) the enforceability of the Indenture may be
limited by the Canada Deposit Insurance Corporation Act (Canada), the Winding-up and Restructuring Act (Canada) and bankruptcy, insolvency, reorganization, receivership, preference, moratorium, arrangement or winding-up laws or other
similar laws affecting the enforcement of creditors’ rights generally; (ii) the enforceability of the Indenture may be limited by equitable principles, including the principle that equitable remedies such as specific performance and
injunction may only be granted in the discretion of a
|
|
|
|
court of competent jurisdiction; (iii) pursuant to the Currency Act (Canada) a judgment by a Canadian court must be awarded in Canadian currency and
that such judgment may be based on a rate of exchange in existence on a day other than the day of payment; and (iv) the enforceability of the Indenture will be subject to the limitations contained in the Limitations Act, 2002 (Ontario), and
such counsel expresses no opinion as to whether a court may find any provision of the Indenture to be unenforceable as an attempt to vary or exclude a limitation period under that Act. This opinion is given as of the date hereof and is
limited to the laws of the Province of Ontario and the federal laws of Canada applicable therein. In addition, this opinion is subject to customary assumptions about the Trustees’ authorization, execution and delivery of the Indenture and the
genuineness of signatures and certain factual matters, all as stated in the letter of such counsel dated December 27, 2021, which has been filed as Exhibit 5.2 to BNS’ Form F-3/A filed with the SEC on December 27, 2021. |
|