Our London and Toronto offices advised The Bank of Nova Scotia on a ¥33bn offering of fixed-rate resettable subordinated notes (non-viability contingent capital) through The Bank of Nova Scotia’s Euro Medium Term Notes Programme. This novel offering marks the first subordinated debt financing by a Canadian bank in Japanese currency under Canada’s regime for bank capital.

The notes bear interest at a fixed rate of 1.800 percent per annum (paid semi-annually) until the reset date of December 20, 2027, after which, if not called, the notes will bear interest at a rate determined in accordance with the terms of the notes (paid semi-annually) until December 20, 2032, the maturity date of the notes.

Nomura International PLC was the sole lead manager for the offering, with BNS Asia Limited acting as co-lead manager.

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