Scotiabank Resets Capital Notes Interest Rate to 5.987%

Key Highlights

• Interest rate for $1.25 billion Fixed Rate Resetting Limited Recourse Capital Notes, Series 1 reset to 5.987% per annum.
• The new interest rate is effective for the five-year period from July 27, 2026, to July 27, 2031.
• The previous interest rate on these notes was 3.70%.
• The rate was calculated as the Government of Canada Yield plus 2.761%.
• Interest will continue to be payable quarterly in arrears.
• A related $1.25 billion of AT1 Notes also had their interest rate reset to 5.987% per annum.
• The Notes may be optionally redeemed by the Bank from June 27 to July 27, 2031, and every five years thereafter.