Obligation ScotiaBank 0% ( US064159RS79 ) en USD

Société émettrice ScotiaBank
Prix sur le marché 100 %  ▼ 
Pays  Canada
Code ISIN  US064159RS79 ( en USD )
Coupon 0%
Echéance 02/05/2022 - Obligation échue



Prospectus brochure de l'obligation Bank of Nova Scotia US064159RS79 en USD 0%, échue


Montant Minimal 1 000 USD
Montant de l'émission 3 454 000 USD
Cusip 064159RS7
Notation Standard & Poor's ( S&P ) N/A
Notation Moody's N/A
Description détaillée La Banque de Nouvelle-Écosse (Scotiabank) est une banque multinationale canadienne offrant une vaste gamme de services financiers personnels et commerciaux à travers les Amériques, en Europe et en Asie-Pacifique.

L'Obligation émise par ScotiaBank ( Canada ) , en USD, avec le code ISIN US064159RS79, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 02/05/2022







424B2 1 bn54577925-424b2.htm (B3NIDE02) PS - JANUARY 10 CAPPED LEVERAGE IDEEL BASKET BNS_GS (US064159RS79)

File d Pursua nt t o Rule 4 2 4 (b)(2 )
Re gist ra t ion N o. 3 3 3 -2 2 8 6 1 4
T he Ba nk of N ova Sc ot ia
$ 3 ,4 5 4 ,0 0 0 Ca ppe d Enha nc e d Pa rt ic ipa t ion Ba sk e t -Link e d N ot e s Due M a y 2 , 2 0 2 2
T he not e s do not be a r int e re st . The amount that you will be paid on your notes at maturity (May 2, 2022) is based on the performance of a weighted basket
comprised of the EURO STOXX 50® Index (36.00% weighting), TOPIX (27.00% weighting), the FTSE® 100 Index (19.00% weighting), the Swiss Market Index
(10.00% weighting) and the S&P/ASX 200 Index (8.00% weighting) as measured from the trade date (January 10, 2020) to and including the valuation date (April 28,
2022). The initial basket level was set to 100 on the trade date and the final basket level will equal the sum of the products, as calculated for each basket component,
of: (i) the final index level (the closing level of the basket component on the valuation date) divided by the initial index level (3,789.52 with respect to the EURO
STOXX 50® Index, 1,735.16 with respect to the TOPIX, 7,587.85 with respect to the FTSE® 100 Index, 10,639.49 with respect to the Swiss Market Index and
6,929.027 with respect to the S&P/ASX 200 Index) multiplied by (ii) the applicable initial weighted value for each basket component. If the final basket level is greater
than the initial basket level, the return on your notes will be positive, subject to the maximum payment amount of $2,368.00 for each $1,000 principal amount of your
notes. If the final basket level is equal to the initial basket level, you will receive the principal amount of your notes. I f t he fina l ba sk e t le ve l is le ss t ha n t he
init ia l ba sk e t le ve l, t he re t urn on your not e s w ill be ne ga t ive a nd you m a y lose your e nt ire princ ipa l a m ount . Spe c ific a lly, you w ill lose
1 % for e ve ry 1 % ne ga t ive ba sk e t re t urn be low t he init ia l ba sk e t le ve l. Any pa ym e nt on your not e s is subje c t t o t he c re dit w ort hine ss of
T he Ba nk of N ova Sc ot ia .
To determine your payment at maturity, we will calculate the basket return, which is the percentage increase or decrease in the final basket level from the initial
basket level. At maturity, for each $1,000 principal amount of your notes:
?
if the final basket level is greater than the initial basket level (the basket return is positive), you will receive an amount in cash equal to the sum of (i) $1,000 plus
(ii) the product of (a) $1,000 times (b) the basket return times (c) 300%, subject to the maximum payment amount;
?
if the final basket level is equal to the initial basket level (the basket return is zero), you will receive an amount in cash equal to $1,000; or
?
if the final basket level is less than the initial basket level (the basket return is negative), you will receive an amount in cash equal to the sum of (i) $1,000 plus (ii)
the product of (a) $1,000 times (b) the basket return.
De c line s in one ba sk e t inde x m a y offse t inc re a se s in t he ot he r ba sk e t indic e s. Due t o t he une qua l w e ight ing of e a c h ba sk e t c om pone nt ,
t he pe rform a nc e s of t he EU RO ST OX X 5 0 ® I nde x , T OPI X a nd t he FT SE® 1 0 0 I nde x w ill ha ve a signific a nt ly la rge r im pa c t on your re t urn
on t he not e s t ha n t he pe rform a nc e of t he Sw iss M a rk e t I nde x or t he S& P/ASX 2 0 0 I nde x . I n a ddit ion, no pa ym e nt s on your not e s w ill be
m a de prior t o m a t urit y.
I nve st m e nt in t he not e s involve s c e rt a in risk s. Y ou should re fe r t o "Addit iona l Risk s" be ginning on pa ge P -1 7 of t his pric ing supple m e nt
a nd "Addit iona l Risk Fa c t ors Spe c ific t o t he N ot e s" be ginning on pa ge PS-6 of t he a c c om pa nying produc t prospe c t us supple m e nt a nd
"Risk Fa c t ors" be ginning on pa ge S -2 of t he a c c om pa nying prospe c t us supple m e nt a nd on pa ge 5 of t he a c c om pa nying prospe c t us.
T he init ia l e st im a t e d va lue of your not e s a t t he t im e t he t e rm s of your not e s w e re se t on t he t ra de da t e w a s $ 9 9 5 .5 0 pe r $ 1 ,0 0 0
princ ipa l a m ount , w hic h is le ss t ha n t he origina l issue pric e of your not e s list e d be low . Se e "Addit iona l I nform a t ion Re ga rding Est im a t e d
V a lue of t he N ot e s" on t he follow ing pa ge a nd "Addit iona l Risk s" be ginning on pa ge P -1 7 of t his doc um e nt for a ddit iona l inform a t ion. T he
a c t ua l va lue of your not e s a t a ny t im e w ill re fle c t m a ny fa c t ors a nd c a nnot be pre dic t e d w it h a c c ura c y.

Per Note
Total
Original Issue Price
100.00%
$3,454,000.00
Underwriting commissions
0.00%
$0.00
Proceeds to The Bank of Nova Scotia
100.00%
$3,454,000.00
N EI T H ER T H E U N I T ED ST AT ES SECU RI T I ES AN D EX CH AN GE COM M I SSI ON N OR AN Y ST AT E SECU RI T I ES COM M I SSI ON H AS APPROV ED
OR DI SAPPROV ED OF T H E N OT ES OR PASSED U PON T H E ACCU RACY OR T H E ADEQU ACY OF T H I S PRI CI N G SU PPLEM EN T , T H E
ACCOM PAN Y I N G PROSPECT U S, ACCOM PAN Y I N G PROSPECT U S SU PPLEM EN T OR ACCOM PAN Y I N G PRODU CT PROSPECT U S
SU PPLEM EN T . AN Y REPRESEN T AT I ON T O T H E CON T RARY I S A CRI M I N AL OFFEN SE.
T H E N OT ES ARE N OT I N SU RED BY T H E CAN ADA DEPOSI T I N SU RAN CE CORPORAT I ON PU RSU AN T T O T H E CAN ADA DEPOSI T
I N SU RAN CE CORPORAT I ON ACT (T H E "CDI C ACT ") OR T H E U .S. FEDERAL DEPOSI T I N SU RAN CE CORPORAT I ON OR AN Y OT H ER
GOV ERN M EN T AGEN CY OF CAN ADA, T H E U N I T ED ST AT ES OR AN Y OT H ER J U RI SDI CT I ON .
Sc ot ia Ca pit a l (U SA) I nc .
Pricing Supplement dated January 10, 2020
The Capped Enhanced Participation Basket-Linked Notes Due May 2, 2022 (the "notes") offered hereunder are unsubordinated and unsecured obligations of The
Bank of Nova Scotia (the "Bank") and are subject to investment risks including possible loss of the principal amount invested due to the negative performance of the
basket and the credit risk of The Bank of Nova Scotia. As used in this pricing supplement, the "Bank," "we," "us" or "our" refers to The Bank of Nova Scotia. The
notes will not be listed on any U.S. securities exchange or automated quotation system.
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The return on your notes will relate to the price return of the basket components and will not include a total return or dividend component. The notes are derivative
products based on the performance of the basket. The notes do not constitute a direct investment in any of the shares, units or other securities represented by the
basket components. By acquiring the notes, you will not have a direct economic or other interest in, claim or entitlement to, or any legal or beneficial ownership of
any such share, unit or security and will not have any rights as a shareholder, unitholder or other security holder of any of the issuers including, without limitation, any
voting rights or rights to receive dividends or other distributions.
Scotia Capital (USA) Inc. ("SCUSA"), our affiliate, has agreed to purchase the notes from us for distribution to one or more registered broker dealers. SCUSA or any
of its affiliates or agents may use this pricing supplement in market-making transactions in notes after their initial sale. Unless we, SCUSA or another of our affiliates
or agents selling such notes to you informs you otherwise in the confirmation of sale, this pricing supplement is being used in a market-making transaction. See
"Supplemental Plan of Distribution (Conflicts of Interest)" in this pricing supplement and "Supplemental Plan of Distribution (Conflicts of Interest)" on page PS-36 of
the accompanying product prospectus supplement.
The original issue price, commissions and proceeds to the Bank listed above relate to the notes we issue initially. We may decide to sell additional notes after the
date of this pricing supplement, at original issue prices and with commissions and proceeds to the Bank that differ from the amounts set forth above. The return
(whether positive or negative) on your investment in the notes will depend in part on the original issue price you pay for such notes.
Addit iona l I nform a t ion Re ga rding Est im a t e d V a lue of t he N ot e s
On the cover page of this pricing supplement, the Bank has provided the initial estimated value for the notes. This estimated value was determined by reference to
the Bank's internal pricing models, which take into consideration certain factors, such as the Bank's internal funding rate on the trade date and the Bank's
assumptions about market parameters. For more information about the initial estimated value, see "Additional Risks" beginning on page P-17.
The economic terms of the notes (including the maximum payment amount) are based on the Bank's internal funding rate, which is the rate the Bank would pay to
borrow funds through the issuance of similar market-linked notes, any underwriting discount and the economic terms of certain related hedging arrangements. Due to
these factors, the original issue price you pay to purchase the notes will be greater than the initial estimated value of the notes. The Bank's internal funding rate is
typically lower than the rate the Bank would pay when it issues conventional fixed rate debt securities as discussed further under "Additional Risks -- Neither the
Bank's nor SCUSA's estimated value of the notes at any time is determined by reference to credit spreads or the borrowing rate the Bank would pay for its
conventional fixed-rate debt securities". The Bank's use of its internal funding rate reduces the economic terms of the notes to you.
The value of your notes at any time will reflect many factors and cannot be predicted; however, the price (not including SCUSA's customary bid and ask spreads) at
which SCUSA would initially buy or sell notes in the secondary market (if SCUSA makes a market, which it is not obligated to do) is equal to approximately SCUSA's
estimate of the market value of your notes on the trade date, based on its pricing models and taking into account the Bank's internal funding rate, plus an additional
amount (initially equal to $4.50 per $1,000 principal amount).
Prior to April 10, 2020, the price (not including SCUSA's customary bid and ask spreads) at which SCUSA would buy or sell your notes (if it makes a market, which
it is not obligated to do) will equal approximately the sum of (a) the then-current estimated value of your notes (as determined by reference to SCUSA's pricing
models) plus (b) any remaining additional amount (the additional amount will decline to zero on a straight-line basis from the time of pricing through April 9, 2020).
On and after April 10, 2020, the price (not including SCUSA's customary bid and ask spreads) at which SCUSA would buy or sell your notes (if it makes a market)
will equal approximately the then-current estimated value of your notes determined by reference to such pricing models. For additional information regarding the price
at which SCUSA would buy or sell your notes (if SCUSA makes a market, which it is not obligated to do), each based on SCUSA's pricing models; see "Additional
Risks--The price at which SCUSA would buy or sell your notes (if SCUSA makes a market, which it is not obligated to do) will be based on SCUSA's estimated
value of your notes".
We urge you t o re a d t he "Addit iona l Risk s" be ginning on pa ge P -1 7 of t his pric ing supple m e nt .
P-2
Sum m a ry
The information in this "Summary" section is qualified by the more detailed information set forth in this pricing supplement, the accompanying prospectus,
accompanying prospectus supplement, and accompanying product prospectus supplement, each filed with the Securities and Exchange Commission ("SEC"). See
"Additional Terms of Your Notes" in this pricing supplement.
I ssue r:
The Bank of Nova Scotia (the "Bank")


I ssue :
Senior Note Program, Series A


CU SI P/I SI N :
CUSIP 064159RS7 / ISIN US064159RS79


T ype of N ot e s:
Capped Enhanced Participation Basket-Linked Notes




Ba sk e t Com pone nt s:
The EURO STOXX 50® Index (Bloomberg Ticker: "SX5E"), as published by STOXX Limited ("STOXX"); TOPIX
(Bloomberg Ticker: "TPX Index"), as maintained by the Tokyo Stock Exchange, Inc. ("TSE"); the FTSE® 100 Index
(Bloomberg Ticker: "UKX Index"), as published by FTSE Russell ("FTSE"); the Swiss Market Index (Bloomberg Ticker:
"SMI Index"), as published by SIX Group Ltd. ("SIX Group"); and the S&P/ASX 200 Index (Bloomberg Ticker: "AS51
Index"), as published by S&P Dow Jones Indices LLC ("S&P"); see "Information Regarding the Basket and the Basket
Components" beginning on page P-26. We refer to each of STOXX, TSE, FTSE, SIX Group and S&P as a "basket
component sponsor", and together as the "basket component sponsors".



M inim um I nve st m e nt a nd
$1,000 and integral multiples of $1,000 in excess thereof

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De nom ina t ions:



Princ ipa l Am ount :
$1,000 per note; $3,454,000 in the aggregate for all the offered notes; the aggregate principal amount of the offered
notes may be increased if the Bank, at its sole option, decides to sell an additional amount of the offered notes on a
date subsequent to the date of this pricing supplement.



Origina l I ssue Pric e :
100% of the principal amount of each note




Curre nc y:
U.S. dollars




T ra de Da t e :
January 10, 2020




Origina l I ssue Da t e :
January 17, 2020





Delivery of the notes will be made against payment therefor on the 5th business day following the date of pricing of

the notes (this settlement cycle being referred to as "T+5"). Under Rule 15c6-1 of the Securities Exchange Act of
1934, as amended, trades in the secondary market generally are required to settle in two business days ("T+2"),
unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes
on or prior to the second business day before delivery of the notes will be required, by virtue of the fact that each
note initially will settle in five business days (T+5), to specify alternative settlement arrangements to prevent a failed
settlement.



V a lua t ion Da t e :
April 28, 2022





The valuation date could be delayed by the occurrence of a market disruption event. See "General Terms of the

Notes -- Market Disruption Events" beginning on page PS-20 in the accompanying product prospectus supplement.
Further, if the valuation date is not a trading day, the valuation date will be postponed in the same manner as if a
market disruption event occurred.




P-3
M a t urit y Da t e :
May 2, 2022, subject to adjustment due to a market disruption event, a non-trading day or a non-business day, as
described in more detail under "General Terms of the Notes--Maturity Date" on page PS-18 in the accompanying
product prospectus supplement.



Princ ipa l a t Risk :
You will lose all or a substantial portion of your initial investment at maturity if the final basket level is less than the
initial basket level.



Purc ha se a t a m ount ot he r t ha n t he
The amount we will pay you on the maturity date for your notes will not be adjusted based on the original issue price
princ ipa l a m ount :
you pay for your notes, so if you acquire notes at a premium (or discount) to the principal amount and hold them to
the maturity date, it could affect your investment in a number of ways. The return on your investment in such notes
will be lower (or higher) than it would have been had you purchased the notes at the principal amount. Additionally,
the maximum payment amount would be triggered at a lower (or higher) percentage return than indicated below,
relative to your initial investment. See "Additional Risks--If you purchase your notes at a premium to the principal
amount, the return on your investment will be lower than the return on notes purchased at the principal amount and
the impact of certain key terms of the notes will be negatively affected" on page P-22 of this pricing supplement.



Fe e s a nd Ex pe nse s:
As part of the distribution of the notes, SCUSA or one of our affiliates has agreed to sell the notes to certain
unaffiliated securities dealers at the original issue price per note specified on the cover hereof. See "Supplemental
Plan of Distribution (Conflicts of Interest)" in this pricing supplement.
The price at which you purchase the notes includes costs that the Bank or its affiliates expect to incur and profits that
the Bank or its affiliates expect to realize in connection with hedging activities related to the notes, as set forth below
under "Supplemental Plan of Distribution (Conflicts of Interest)". These costs and profits will likely reduce the
secondary market price, if any secondary market develops, for the notes. As a result, you may experience an
immediate and substantial decline in the market value of your notes on the trade date. See "Additional Risks--
Hedging activities by the Bank and SCUSA may negatively impact investors in the notes and cause our respective
interests and those of our clients and counterparties to be contrary to those of investors in the notes" in this pricing
supplement.



Pa ym e nt a t M a t urit y:
The payment at maturity will be based on the performance of the basket and will be calculated as follows:



?
If the final basket level is greater than the initial basket level, then the payment at maturity for each $1,000
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principal amount of your notes will equal:



o
The lesser of (a) the principal amount + (principal amount x basket return x participation rate) and (b) the

maximum payment amount



?
If the final basket level is equal to the initial basket level, then the payment at maturity for each $1,000 principal
amount of your notes will equal the principal amount



?
If the final basket level is less than the initial basket level, then the payment at maturity for each $1,000 principal
amount of your notes will equal:



o
principal amount + (principal amount x basket return)




In this case you will suffer a percentage loss on your initial investment equal to the negative basket return.
Accordingly, you could lose up to 100% of your initial investment.


I nit ia l Ba sk e t Le ve l:
100



P-4
I nit ia l We ight e d V a lue ; I nit ia l
The initial weighted value for each of the basket components equals the product of the initial weight in the basket of
We ight in Ba sk e t :
such basket component times the initial basket level. The initial weight in the basket of each basket component is
shown in the table below:



Ba sk e t Com pone nt
I nit ia l We ight in Ba sk e t

EURO STOXX 50® Index
36.00%

TOPIX
27.00%

FTSE® 100 Index
19.00%

Swiss Market Index
10.00%

S&P/ASX 200 Index
8.00%


I nit ia l EU RO ST OX X 5 0 ® I nde x
3,789.52
Le ve l:


I nit ia l T OPI X Le ve l:
1,735.16


I nit ia l FT SE® 1 0 0 I nde x Le ve l:
7,587.85


I nit ia l Sw iss M a rk e t I nde x Le ve l:
10,639.49


I nit ia l S& P/ASX 2 0 0 I nde x Le ve l:
6,929.027


Fina l EU RO ST OX X 5 0 ® I nde x
The closing level of such basket component calculated on the valuation date. In certain special circumstances, the final
Le ve l:
level will be determined by the calculation agent, in its discretion. See "General Terms of the Notes -- Unavailability of
the Level of the Reference Asset on a Valuation Date" beginning on page PS-19 and "General Terms of the Notes --
Market Disruption Events" beginning on page PS-20 in the accompanying product prospectus supplement.


Fina l T OPI X Le ve l:
The closing level of such basket component calculated on the valuation date. In certain special circumstances, the final
level will be determined by the calculation agent, in its discretion. See "General Terms of the Notes -- Unavailability of
the Level of the Reference Asset on a Valuation Date" beginning on page PS-19 and "General Terms of the Notes --
Market Disruption Events" beginning on page PS-20 in the accompanying product prospectus supplement.


Fina l FT SE® 1 0 0 I nde x Le ve l:
The closing level of such basket component calculated on the valuation date. In certain special circumstances, the final
level will be determined by the calculation agent, in its discretion. See "General Terms of the Notes -- Unavailability of
the Level of the Reference Asset on a Valuation Date" beginning on page PS-19 and "General Terms of the Notes --
Market Disruption Events" beginning on page PS-20 in the accompanying product prospectus supplement.


Fina l Sw iss M a rk e t I nde x le ve l:
The closing level of such basket component calculated on the valuation date. In certain special circumstances, the final
level will be determined by the calculation agent, in its discretion. See "General Terms of the Notes -- Unavailability of
the Level of the Reference Asset on a Valuation Date" beginning on page PS-19 and "General Terms of the Notes --
Market Disruption Events" beginning on page PS-20 in the accompanying product prospectus supplement.


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P-5
Fina l S& P/ASX 2 0 0 I nde x le ve l:
The closing level of such basket component calculated on the valuation date. In certain special circumstances, the final
level will be determined by the calculation agent, in its discretion. See "General Terms of the Notes -- Unavailability of
the Level of the Reference Asset on a Valuation Date" beginning on page PS-19 and "General Terms of the Notes --
Market Disruption Events" beginning on page PS-20 in the accompanying product prospectus supplement.


Fina l Ba sk e t Le ve l:
The sum of the following: (1) the final EURO STOXX 50® Index level divided by the initial EURO STOXX 50®
Index level, multiplied by the initial weighted value of the EURO STOXX 50® Index plus (2) the final TOPIX level
divided by the initial TOPIX level, multiplied by the initial weighted value of TOPIX plus (3) the final FTSE® 100
Index level divided by the initial FTSE® 100 Index level, multiplied by the initial weighted value of the FTSE® 100 Index
plus (4) the final Swiss Market Index level divided by the initial Swiss Market Index level, multiplied by the initial
weighted value of the Swiss Market Index plus (5) the final S&P/ASX 200 Index level divided by the initial S&P/ASX 200
Index level, multiplied by the initial weighted value of the S&P/ASX 200 Index.


Ba sk e t Re t urn:
The quotient of (1) the final basket level minus the initial basket level divided by (2) the initial basket level, expressed as
a percentage.


Pa rt ic ipa t ion Ra t e :
300.00%


M a x im um Pa ym e nt Am ount :
$2,368.00. The maximum payment amount sets a cap on appreciation of the basket of 45.60%.


Closing Le ve l:
As used herein, the "closing level" of a basket component on any date will be determined based upon the closing level
published on the Bloomberg page for such basket component, or any successor page on Bloomberg or any successor
service, as applicable, on such date.



T ra ding Da y:
(i) With respect to the EURO STOXX 50® Index, a day on which the level of such basket component is expected to be
calculated and published by the basket component sponsor, regardless of whether one or more of the principal
securities markets for the constituent stocks comprising such basket component ("component stocks") are closed on that
day and (ii) with respect to each of TOPIX, the FTSE® 100 Index, the Swiss Market Index and the S&P/ASX 200 Index,
a day on which the respective principal securities markets for all of the component stocks are scheduled to be open for
trading, such basket component sponsor is scheduled to be open for business and such basket component is expected
to be calculated and published by such basket component sponsor; although a basket component sponsor may publish
a level with respect to a basket component on a day when one or more of the principal securities markets for such
component stocks are closed, that day would not be a trading day for purposes of such basket component.


Form of N ot e s:
Book-entry


Ca lc ula t ion Age nt :
Scotia Capital Inc., an affiliate of the Bank


St a t us:
The notes will constitute direct, unsubordinated and unsecured obligations of the Bank ranking pari passu with all other
direct, unsecured and unsubordinated indebtedness of the Bank from time to time outstanding (except as otherwise
prescribed by law). Holders will not have the benefit of any insurance under the provisions of the CDIC Act, the U.S.
Federal Deposit Insurance Act or under any other deposit insurance regime of any jurisdiction.



P-6
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T a x Re de m pt ion:
The Bank (or its successor) may redeem the notes, in whole but not in part, at a redemption price determined by the
calculation agent in a manner reasonably calculated to preserve your and our relative economic position, if it is
determined that changes in tax laws or their interpretation will result in the Bank (or its successor) becoming obligated
to pay additional amounts with respect to the notes. See "Tax Redemption" in the accompanying product prospectus
supplement.


List ing:
The notes will not be listed on any securities exchange or quotation system.


U se of Proc e e ds:
General corporate purposes


Cle a ra nc e a nd Se t t le m e nt :
Depository Trust Company


Busine ss Da y:
New York and Toronto


T e rm s I nc orpora t e d:
All of the terms appearing above the item under the caption "General Terms of the Notes" beginning on page PS-15 in
the accompanying product prospectus supplement, as modified by this pricing supplement.


Ca na dia n Ba il-in:
The notes are not bail-inable debt securities under the CDIC Act.


I N V EST I N G I N T H E N OT ES I N V OLV ES SI GN I FI CAN T RI SK S. Y OU M AY LOSE ALL OR A SU BST AN T I AL PORT I ON OF Y OU R I N V EST M EN T .
AN Y PAY M EN T ON T H E N OT ES, I N CLU DI N G AN Y REPAY M EN T OF PRI N CI PAL, I S SU BJ ECT T O T H E CREDI T WORT H I N ESS OF T H E
BAN K . I F T H E BAN K WERE T O DEFAU LT ON I T S PAY M EN T OBLI GAT I ON S Y OU M AY N OT RECEI V E AN Y AM OU N T S OWED T O Y OU
U N DER T H E N OT ES AN D Y OU COU LD LOSE Y OU R EN T I RE I N V EST M EN T .

P-7
ADDI T I ON AL T ERM S OF Y OU R N OT ES
You should read this pricing supplement together with the prospectus dated December 26, 2018, as supplemented by the prospectus supplement dated December
26, 2018 and the product prospectus supplement (Equity Linked Index Notes, Series A) dated December 26, 2018, relating to our Senior Note Program, Series A, of
which these notes are a part. Capitalized terms used but not defined in this pricing supplement will have the meanings given to them in the product prospectus
supplement. In the event of any conflict between this pricing supplement and any of the foregoing, the following hierarchy will govern: first, this pricing supplement;
second, the accompanying product prospectus supplement; third, the prospectus supplement; and last, the prospectus. The notes may vary from the terms
described in the accompanying prospectus, accompanying prospectus supplement and accompanying product prospectus supplement in several
important ways. You should read this pricing supplement carefully, including the documents incorporated by reference herein.
This pricing supplement, together with the documents listed below, contains the terms of the notes and supersedes all prior or contemporaneous oral statements as
well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures,
brochures or other educational materials of ours. You should carefully consider, among other things, the matters set forth in "Additional Risk Factors Specific to the
Notes" in the accompanying product prospectus supplement, as the notes involve risks not associated with conventional debt securities. We urge you to consult your
investment, legal, tax, accounting and other advisors before you invest in the notes. You may access these documents on the SEC website at www.sec.gov as
follows (or if that address has changed, by reviewing our filings for the relevant date on the SEC website).
Product Prospectus Supplement (Equity Linked Index Notes, Series A) dated December 26, 2018:
http://www.sec.gov/Archives/edgar/data/9631/000091412118002483/bn50682441-424b2.htm
Prospectus Supplement dated December 26, 2018:
http://www.sec.gov/Archives/edgar/data/9631/000091412118002473/bn50676984-424b3.htm
Prospectus dated December 26, 2018:
http://www.sec.gov/Archives/edgar/data/9631/000119312518357537/d677731d424b3.htm

P-8
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I N V EST OR SU I T ABI LI T Y
The notes may be suitable for you if:


?
You fully understand the risks inherent in an investment in the notes, including the risk of losing all or a substantial portion of your initial investment.


?
You believe the level of the basket will appreciate over the term of the notes and that the appreciation is unlikely to exceed the cap on appreciation set by
the maximum payment amount.


?
You can tolerate a loss of up to 100% of your initial investment and are willing to make an investment that has the same downside market risk as that of a
hypothetical investment in the basket components or a direct investment in the component stocks.


?
You are willing to hold the notes to maturity, a term of approximately 27.5 months, and accept that there may be little or no secondary market for the notes.


?
You understand and accept that your potential payment at maturity is limited to the maximum payment amount and you are willing to invest in the notes
based on the maximum payment amount.


?
You can tolerate fluctuations in the price of the notes prior to maturity that may be similar to or exceed the downside fluctuations in the level of the basket
components or the price of the component stocks.


?
You do not seek current income from your investment and are willing to forgo any dividends paid on the component stocks.


?
You seek an investment with exposure to companies in the Eurozone, Japan, United Kingdom, Switzerland and Australia.


?
You are willing to assume the credit risk of the Bank for all payments under the notes, and understand that if the Bank defaults on its obligations you may
not receive any amounts due to you including any repayment of principal.


The notes may not be suitable for you if:
?
You do not fully understand the risks inherent in an investment in the notes, including the risk of losing all or a substantial portion of your initial investment.


?
You believe that the level of the basket will decline during the term of the notes or you believe the level of the basket will appreciate over the term of the
notes and that the appreciation is likely to exceed the cap on appreciation set by the maximum payment amount.


?
You require an investment designed to guarantee a full return of principal at maturity.


?
You cannot tolerate a loss of up to 100% of your initial investment or are not willing to make an investment that, if the final basket level is less than the initial
basket level, has the same downside market risk as that of a hypothetical investment in the basket components or a direct investment in the component
stocks.


?
You seek an investment that has unlimited return potential without a cap on appreciation or you are unwilling to invest in the notes based on the maximum
payment amount.


?
You cannot tolerate fluctuations in the price of the notes prior to maturity that may be similar to or exceed the downside fluctuations in the level of the basket
components or the price of the component stocks.


?
You seek current income from your investment or are unwilling to forgo any dividends paid on the component stocks.


?
You are unable or unwilling to hold the notes to maturity, a term of approximately 27.5months, or you seek an investment for which there will be a secondary
market.


?
You do not seek an investment with exposure to companies in the Eurozone, Japan, United Kingdom, Switzerland and Australia.


?
You are not willing to assume the credit risk of the Bank for all payments under the notes.



P-9
T he inve st or suit a bilit y c onside ra t ions ide nt ifie d a bove a re not e x ha ust ive . Whe t he r or not t he not e s a re a suit a ble inve st m e nt for you
w ill de pe nd on your individua l c irc um st a nc e s a nd you should re a c h a n inve st m e nt de c ision only a ft e r you a nd your inve st m e nt , le ga l,
t a x , a c c ount ing a nd ot he r a dvisors ha ve c a re fully c onside re d t he suit a bilit y of a n inve st m e nt in t he not e s in light of your pa rt ic ula r
c irc um st a nc e s. Y ou should a lso re vie w ``Addit iona l Risk s'' be ginning on pa ge P -1 7 of t his pric ing supple m e nt , ``Addit iona l Risk Fa c t ors
Spe c ific t o t he N ot e s'' be ginning on pa ge PS-6 of t he a c c om pa nying produc t prospe c t us supple m e nt a nd "Risk Fa c t ors" be ginning on
pa ge S -2 of t he a c c om pa nying prospe c t us supple m e nt a nd on pa ge 5 of t he a c c om pa nying prospe c t us for risk s re la t e d t o a n
https://www.sec.gov/Archives/edgar/data/9631/000091412120000134/bn54577925-424b2.htm[1/14/2020 8:56:39 AM]


inve st m e nt in t he not e s.

P-10
H Y POT H ET I CAL PAY M EN T S AT M AT U RI T Y ON T H E N OT ES
The examples set out below are included for illustration only. They should not be taken as an indication or prediction of future investment results and are intended
merely to illustrate the impact that the various hypothetical basket closing levels or hypothetical closing levels of the basket components, as applicable, on the
valuation date could have on the payment at maturity assuming all other variables remain constant.
The examples below are based on a range of final basket levels and closing levels of the basket components that are entirely hypothetical; the level of the basket on
any day throughout the life of your notes, including the final basket level on the valuation date, cannot be predicted. The basket components have been highly
volatile in the past, meaning that the levels of the basket components have changed considerably in relatively short periods, and their performances cannot be
predicted for any future period.
The information in the following examples reflects hypothetical rates of return on the notes assuming that they are purchased on the original issue date at the
principal amount and held to the maturity date. If you sell your notes in a secondary market prior to the maturity date, your return will depend upon the market value
of your notes at the time of sale, which may be affected by a number of factors that are not reflected in the examples below, such as interest rates, the volatility of
the basket components and our creditworthiness. In addition, the estimated value of your notes at the time the terms of your notes were set on the trade date (as
determined by reference to pricing models used by us) is less than the original issue price of your notes. For more information on the estimated value of your notes,
see "Additional Risks--The Bank's initial estimated value of the notes at the time of pricing (when the terms of your notes were set on the trade date) is lower than
the original issue price of the notes" on page P-17 of this pricing supplement. The information in the examples also reflect the key terms and assumptions in the box
below.
K e y T e rm s a nd Assum pt ions
Principal amount
$1,000
Participation rate
300.00%
Initial basket level
100
Maximum payment amount
$2,368.00
Neither a market disruption event nor a non-trading day occurs with respect to any basket component on the originally scheduled valuation date.
No change in or affecting any of the basket components or the methods by which any of the basket component sponsors calculates the EURO STOXX 50® Index,
TOPIX, the FTSE® 100 Index, the Swiss Market Index or the S&P/ASX 200 Index, respectively.
Notes are purchased on the original issue date at the principal amount and held to the maturity date.
The actual performance of the basket over the life of your notes, as well as the amount payable at maturity, if any, may bear little relation to the hypothetical
examples shown below or to the historical level of each basket component shown elsewhere in this pricing supplement. For information about the historical level of
each basket component see "Information Regarding the Basket and the Basket Components" below.

P-11
Also, the hypothetical examples shown below do not take into account the effects of applicable taxes. Because of the U.S. tax treatment applicable to your notes, tax
liabilities could affect the after-tax rate of return on your notes to a comparatively greater extent than the after-tax return on a direct investment in the component
stocks.
The levels in the left column of the table below represent hypothetical final basket levels and are expressed as percentages of the initial basket level. The amounts in
the right column represent the hypothetical payment at maturity, based on the corresponding hypothetical final basket level (expressed as a percentage of the initial
basket level), and are expressed as percentages of the principal amount of a note (rounded to the nearest one-thousandth of a percent). Thus, a hypothetical
payment at maturity of 100.000% means that the value of the cash payment that we would pay for each $1,000 of the outstanding principal amount of the notes on
the maturity date would equal 100.000% of the principal amount of a note, based on the corresponding hypothetical final basket level (expressed as a percentage of
the initial basket level) and the assumptions noted above.
H ypot he t ic a l Fina l Ba sk e t Le ve l
H ypot he t ic a l Pa ym e nt a t M a t urit y
(a s Pe rc e nt a ge of I nit ia l Ba sk e t Le ve l)
(a s Pe rc e nt a ge of Princ ipa l Am ount )
250.000%
236.800%
200.000%
236.800%
150.000%
236.800%
1 4 5 .6 0 0 %
2 3 6 .8 0 0 %
140.000%
220.000%
130.000%
190.000%
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120.000%
160.000%
110.000%
130.000%
1 0 0 .0 0 0 %
1 0 0 .0 0 0 %
95.000%
95.000%
90.000%
90.000%
80.000%
80.000%
75.000%
75.000%
50.000%
50.000%
25.000%
25.000%
0 .0 0 0 %
0 .0 0 0 %
If, for example, the final basket level were determined to be 25.000% of the initial basket level, the payment at maturity that we would pay on your notes at maturity
would be 25.000% of the principal amount of your notes, as shown in the table above. As a result, if you purchased your notes on the original issue date at the
principal amount and held them to the maturity date, you would lose 75.000% of your investment (if you purchased your notes at a premium to the principal amount
you would lose a correspondingly higher percentage of your investment). If the final basket level were determined to be 0.000% of the initial basket level, you would
lose 100.000% of your investment in the notes. In addition, if the final basket level were determined to be 150.000% of the initial basket level, the payment at
maturity that we would pay on your notes at maturity would be capped at the maximum payment amount, or 236.800% of each $1,000 principal amount of your
notes, as shown in the table above. As a result, if you held your notes to the maturity date, you would not benefit from any increase in the level of the basket to a
final basket level that is greater than 145.600% of the initial basket level.

P-12
The following chart shows a graphical illustration of the hypothetical payment at maturity that we would pay on your notes on the maturity date, if the final basket
level were any of the hypothetical levels shown on the horizontal axis. The hypothetical payments at maturity in the chart are expressed as percentages of the
principal amount of your notes and the hypothetical final basket levels are expressed as percentages of the initial basket level. The chart shows that any hypothetical
final basket level of less than 100.000% (the section left of the 100.000% marker on the horizontal axis) would result in a hypothetical payment at maturity of less
than 100.000% of the principal amount of your notes (the section below the 100.000% marker on the vertical axis) and, accordingly, in a loss of principal to the
holder of the notes. The chart also shows that any hypothetical final basket level of greater than or equal to 145.600% (the section right of the 145.600% marker on
the horizontal axis) would result in a capped return on your investment.
The following examples illustrate the hypothetical payment at maturity for each note based on hypothetical final levels of the basket components, calculated based on
the key terms and assumptions above. The levels in Column A represent hypothetical initial levels for each basket component, and the levels in Column B represent
hypothetical final levels for each basket component. The percentages in Column C represent hypothetical final levels for each basket component in Column B
expressed as percentages of the corresponding hypothetical initial levels in Column A. The amounts in Column D represent the applicable initial weighted value for
each basket component, and the amounts in Column E represent the products of the percentages in Column C times the corresponding amounts in Column D. The
final basket level for each example is shown beneath each example, and will equal the sum of the products shown in Column E. The basket return for each example
is shown beneath the final basket level for such example, and will equal the quotient of (i) the final basket level for such example minus the initial basket level
divided by (ii) the initial basket level, expressed as a percentage. The values below have been rounded for ease of analysis.

P-13
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The hypothetical initial level for each basket component of 100.00 has been chosen for illustrative purposes only and does not represent the actual initial level for that
basket component. For historical data regarding the actual historical levels of the basket components, please see the historical information set forth below under
"Information Regarding the Basket and the Basket Components".
Ex a m ple 1 : T he fina l ba sk e t le ve l is gre a t e r t ha n t he init ia l ba sk e t le ve l a nd t he pa ym e nt a t m a t urit y e qua ls t he m a x im um pa ym e nt
a m ount .

Colum n A
Colum n B
Colum n C
Colum n D
Colum n E






H ypot he t ic a l I nit ia l
H ypot he t ic a l Fina l
Colum n B / Colum n
I nit ia l We ight e d
Colum n C × Colum n
Ba sk e t Com pone nt
Le ve l
Le ve l
A
V a lue
D
EURO STOXX 50® Index
100.00
150.00
150.00%
36.00
54.00
TOPIX
100.00
150.00
150.00%
27.00
40.50
FTSE® 100 Index
100.00
150.00
150.00%
19.00
28.50
Swiss Market Index
100.00
150.00
150.00%
10.00
15.00
S&P/ASX 200 Index
100.00
150.00
150.00%
8.00
12.00









Final Basket Level:
150.00




Basket Return:
50.00%
In this example, all of the hypothetical final levels for the basket components are greater than the applicable hypothetical initial levels, which results in the
hypothetical final basket level being greater than the initial basket level of 100. Because the hypothetical final basket level was determined to be 150.00, the
hypothetical payment at maturity for each $1,000 principal amount of your notes will equal:
Payment at maturity = $1,000 + ($1,000 × 50.00% × 300.00%) = $2,500.00
However, since the maximum payment amount is $2,368.00 for each $1,000 principal amount of your notes (i.e. 236.800% of each $1,000 principal amount of your
notes), the payment at maturity that we would pay on your notes at maturity would be capped at the maximum payment amount.
Ex a m ple 2 : T he fina l ba sk e t le ve l is gre a t e r t ha n t he init ia l ba sk e t le ve l a nd t he pa ym e nt a t m a t urit y is le ss t ha n t he m a x im um pa ym e nt
a m ount .

Colum n A
Colum n B
Colum n C
Colum n D
Colum n E






H ypot he t ic a l I nit ia l
H ypot he t ic a l Fina l
Colum n B / Colum n
I nit ia l We ight e d
Colum n C ×
Ba sk e t Com pone nt
Le ve l
Le ve l
A
V a lue
Colum n D
EURO STOXX 50® Index
100.00
101.00
101.00%
36.00
36.36
TOPIX
100.00
103.00
103.00%
27.00
27.81
FTSE® 100 Index
100.00
102.00
102.00%
19.00
19.38
Swiss Market Index
100.00
108.00
108.00%
10.00
10.80
S&P/ASX 200 Index
100.00
120.00
120.00%
8.00
9.60










Final Basket Level:
103.95




Basket Return:
3.95%
In this example, all of the hypothetical final levels for the basket components are greater than the applicable hypothetical initial levels, which results in the
hypothetical final basket level being greater than the initial basket level of 100. Because the hypothetical final basket level was determined to be 103.95, the
hypothetical payment at maturity for each $1,000 principal amount of your notes will equal:
Payment at maturity = $1,000 + ($1,000 × 3.95% × 300.00%) = $1,118.50

P-14
Ex a m ple 3 : T he fina l ba sk e t le ve l is e qua l t o t he init ia l ba sk e t le ve l. T he pa ym e nt a t m a t urit y e qua ls t he $ 1 ,0 0 0 princ ipa l a m ount .

Colum n A
Colum n B
Colum n C
Colum n D
Colum n E






H ypot he t ic a l I nit ia l
H ypot he t ic a l Fina l
I nit ia l We ight e d
Colum n C ×
Ba sk e t Com pone nt
Le ve l
Le ve l
Colum n B / Colum n A
V a lue
Colum n D
EURO STOXX 50® Index
100.00
100.00
100.00%
36.00
36.00
TOPIX
100.00
100.00
100.00%
27.00
27.00
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Document Outline