Bank of Nova Scotia Sells Structured Notes Linked to French Debt

Bank of Nova Scotia issued $150 million of securities tied to the debt of France, the Canadian bank’s first structured notes sold outside the U.S. in 11 years.

The five-year credit-linked securities, issued on Feb. 25, pay 88.5 basis points more than the London interbank offered rate for three-month dollar loans, according to data compiled by Bloomberg.

The Toronto-based lender last sold a note outside the U.S. market in May 2002 when it issued $500 million of callable floating-rate notes that pay step-up coupons.

In the U.S., the bank sold $57.1 million of notes so far this year, up from none a year earlier, data compiled by Bloomberg show. The lender issued $226.9 million of the securities in the U.S. for all of 2012.

Joe Konecny, a spokesman for Scotiabank, declined to comment.

To contact the reporter on this story: Alastair Marsh in London at amarsh25@bloomberg.net

To contact the editor responsible for this story: Paul Armstrong at parmstrong10@bloomberg.net

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