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.