Commentary & Deal Flow

Book update: Combined books >£2.3bn (incl. 250mn JLM)

Guidance: 3.5yr: SONIA+54a Long 6yr: SONIA MS+67a

• Issuer: The Bank of Nova Scotia
• Ticker: BNS
• Issuer LEI: L3I9ZG2KFGXZ61BMYR72
• Guarantor: Scotiabank Covered Bond Guarantor Limited Partnership
• Expected Issue Rating: Aaa / AAA / AAA (Moody’s / Fitch / DBRS)
• Format: Registered Covered Bonds Regulation S Global Covered Bond, to be held under the New Safekeeping Structure (NSS)
• Pricing Date: 8-Sep-26
• Issue Date: 15-Sep-26 (T+5)
• Tenor:
  • 3.5yr: 3.5yr
  • Long 6yr: Long 6yr
• Issue Amount:
  • 3.5yr: GBP Benchmark
  • Long 6yr: GBP Benchmark
• Maturity:
  • 3.5yr: 15-Mar-30 (soft bullet)
  • Long 6yr: 15-Dec-32 (soft bullet)
• Coupon:
  • 3.5yr: Floating, Compounded Daily SONIA, 5 day lag, Quarterly, ACT/365F
  • Long 6yr: [●]% Fixed Annual, act/act ICMA, short first coupon
• Interest Payment Dates:
  • 3.5yr: Quarterly, on 15 March, 15 June, 15 September and 15 Decemeber in each year, commencing 15-Dec-26 up to and including the Final Maturity Date, in accordance with the Business Day Convention
  • Long 6yr: 15 December in each year, commencing 15-Dec-26 up to and including the Final Maturity Date, subject to the Business Day Convention.
• Guidance:
  • 3.5yr: SONIA+54bps area
  • Long 6yr: SONIA mid-swap (Annual, Act/365) + 67bps area (currently indicitavely equiv. to UKT 4.25% Jun-32 (MID) +42.8bps)
• Business Day Convention:
  • 3.5yr: Modified Following (adjusted)
  • Long 6yr: Following Business Day Convention
• Documentation: Issued under the Global Covered Bond Programme as described in the Prospectus dated 5-Aug-26 as supplemented (together, the “Prospectus”) https://www.scotiabank.com/content/dam/scotiabank/canada/en/ documents/BNS-CB-2026-Update-Base-Prospectus-2026-Update-Final.pdf
• Listing: London Stock Exchange’s Main Market
• Governing Law: Province of Ontario and the federal laws of Canada applicable therein
• Denominations: GBP 100k + 1k
• Joint Lead Managers: BMO Capital Markets, Lloyds, NatWest, Nomura, Santander, Scotiabank
• Fee: The Joint Lead Managers will be paid a fee by the Issuer in respect of the placement of the securities. Details of the fee may be made available on request to investors participating in the transaction
• Selling Restrictions: Regulation S Category 2; TEFRA rules not applicable, as set out in the Prospectus. Canadian sales not permitted. Prohibition of Sales to EEA and UK Retail Investors applicable. No sales into Italy. Singapore Sales to Institutional Investors and Accredited Investors only.
• Target Market: MiFID II/UK MiFIR professionals/ECPs only. No EEA or UK PRIIPs KID has been prepared as not available to retail in EEA or UK
• Schedule: Books open, today's business