On October 12, 2017, The Bank of Nova Scotia ("BNS") completed an offering of 4.650% fixed to floating rate non-cumulative subordinated additional Tier 1 Capital Notes for US$1.25 billion.
This offering represented the first issuance of this new form of Additional Tier 1 Capital, which expands the scope of available investor markets to Canadian banks. The notes build on the technology pioneered by Osler in the offering of Emera hybrid notes, completed last year.
Osler, Hoskin & Harcourt LLP represented BNS with a team consisting of Timothy Hughes (Taxation) and Kashif Zaman (Financial Services).