Scotiabank issues C$1 billion NVCC subordinated debentures
Torys acted as counsel to the syndicate of agents led by Scotia Capital Inc. with a team that included David Seville, Michael Murphy and Alison Shamie (corporate/securities) and Jerald Wortsman and Caroline Sanders (tax).
On June 12, 2023, The Bank of Nova Scotia (“Scotiabank”) completed a public offering of C$1 billion of 5.679% fixed/floating rate subordinated debentures (non-viability contingent capital (NVCC)) (subordinated indebtedness) due August 2, 2033.
The debentures were issued in Canada and sold through a syndicate of agents led by Scotia Capital Inc., pursuant to a prospectus supplement dated June 7, 2023 to Scotiabank's August 5, 2022 base shelf prospectus.
Scotiabank is a leading bank in the Americas. It provides a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.