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Bank of Nova Scotia - 4.85% 5 yr Rate Reset Preferred Shares New Issue

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The Bank of Nova Scotia (BNS) is issuing $250M of 5 year, 4.85% rate reset non-cumulative preferred shares. The first reset date is Jan-26-2024 at the then effective 5 year Gov. of Canada bond yield plus 2.43%. Should BNS become insolvent the issue is convertible into their common shares. (NVCC/Basel Compliant)

On Jan-26-2024 and on Jan-26 every five years thereafter, the holders have the right to convert into an equal number of non-cumulative floating rate preferred shares with a dividend yield set quarterly at the then effective 90-day Canadian Treasury Bill Rate plus 2.43%.

Rating: DBRS, Pfd-2

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