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News Oct 12, 2017

Shearman & Sterling Advises on The Bank of Nova Scotia’s Inaugural $1.25 Billion AT1 Subordinated Notes Offering

Shearman & Sterling represented The Bank of Nova Scotia in connection with its $1.25 billion subordinated notes offering. The offering consisted of 4.65% fixed to floating rate non-cumulative subordinated additional Tier 1 capital notes (Non-Viability Contingent Capital (NVCC)), representing the first-ever offshore AT1 offering from a Canadian bank.

The Bank of Nova Scotia is Canada’s international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia, offering a broad range of advice, products and services to its approximately 23 million customers around the world.

The Shearman & Sterling team included partners Jason Lehner (Toronto/New York-Capital Markets) and Laurence Crouch (Menlo Park-Tax); counsel Kevin Roggow (Toronto-Capital Markets); and associates Joanna Enns (Toronto-Capital Markets) and Emalie Sundale (Menlo Park-Tax).