The Bank of Nova Scotia

The Bank of Nova Scotia in its launch of a new form of Additional Tier 1 Capital


The Bank of Nova Scotia


US$1.25 billion


Corporate Finance and Securities

Date Closed

Lead Office


On September 28, 2017, the Bank of Nova Scotia ("BNS") announced an offering of 4.650% fixed to floating rate non-cumulative subordinated additional Tier 1 Capital Notes for US$1.25 billion.

This offering represents 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).


Timothy  Hughes

Timothy Hughes

Partner, Taxation

Kashif  Zaman

Kashif Zaman

Partner, Financial Services