BNS to plant a flag for AT1 pricing

Bank_of_Nova_Scotia_PA_575x375_280520
By Tyler Davies
28 May 2020

Bank of Nova Scotia was looking to test investors’ appetite for one of first additional tier one transactions of the coronavirus pandemic on Thursday, helping to set a reference point for pricing in the asset class.

The Canadian lender opened books on a perpetual non-call five year AT1 in dollars.

Credit Suisse, JP Morgan, Scotiabank and UBS were the joint bookrunners. They started the trade with price thoughts in the 5.25% area.

A FIG banker away from the deal said that it would ...

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