Commentary & Deal Flow

Final Books >£385m (incl £60m JLM). Peak book >£635m.
Launched: 4NC3: £300m @ UKT+85bp - Books over £635m (incl £60m JLM)
IPTs: UKT+100a

• Issuer: The Bank of Nova Scotia (BNS)
• LEI Code: L3I9ZG2KFGXZ61BMYR72
• Issuer Ratings: A2 (Stable) / A- (Stable) / AA- (Stable) (Moody's/S&P/Fitch)
• Exp Issue Ratings: A2 / A- / AA- (Moody’s/S&P/Fitch)
• Format: Senior Notes, Reg S, Category 2, Registered form (Not NSS as not ECB eligible)
• Ranking: The Notes will constitute deposit liabilities of the Issuer under the Bank Act (Canada) ranking pari passu with all present and future liabilities of the Issuer except as otherwise prescribed by law and subject to the exercise of bank resolution powers under the Canada Deposit Insurance Corporation Act (the “CDIC Act”) and without any preference amongst themselves.
• Distribution: Regulation S compliance Category 2, TEFRA not applicable. Not Rule 144a eligible. Canadian Sales not permitted.
• Size: £300m
• Benchmark: UKT 0.500% 31-Jan-29 / HR 114%
• Settlement: 24-Apr-26 (T+5)
• Maturity: 24-Apr-30
• Optional Redemption Date: 24-Apr-29
• Coupon: Fixed, Annual ACT/ACT ICMA (prior to Optional Redemption)
• Documentation: Issued under the Issuer’s EMTN Programme using Base Prospectus dated 8-Jul-25, as supplemented (“the Base Prospectus”)
• Denominations: £100k + £1k
• Governing Law: Province of Ontario and the federal laws of Canada applicable therein
• Listing: London Stock Exchange’s Regulated Market
• Leads: Lloyds / NatWest(B&D) / Nomura / RBCCM / Scotiabank
• Clearing: Euroclear / Clearstream
• ISIN: XS3356004013
• Schedule: Books Open / Today's Business
• Books Subject: 12:15 London / 13:15 CET
• Hedge Deadline: 13:30 LDN
• Target Market: Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels)
• Notes: Reference Gilt spread will be vs mid Gilts mark but hedges are executed vs the DM traders bid side.