Product Description
The Deposit Notes provide a return over the 8.5-year maturity that is linked to the price performance of a Reference Portfolio composed of the common shares of 20 Canadian companies. The Deposit Notes are callable for redemption 4.25 years after the Issuance Date at $135.98 per Deposit Note for an annual compounded rate of return of approximately 7.50%. If the Bank does not exercise its right to call the Deposit Notes, the Variable Return at maturity is unlimited.
Note
On January 24, 2020, Encana Corporation (TSX: ECA) (“Encana”) announced the completion of its reorganization, including the company rebranding under the name Ovintiv Inc. and the establishment of its corporate domicile in the United-States (NYSE : OVV). This event triggered a Substitution Event in connection with the Reference Portfolio of the Deposit Notes as per the terms and conditions of the Information Statement relating to the Deposit Notes. As such, we hereby advise the Holders of the Deposit Notes that, as of the closing of the markets on January 24, 2020, the common shares of Encana have been replaced by the common shares of Canadian Natural Resources Limited (TSX: CNQ) as a Reference Share in the Reference Portfolio of the Deposit Notes, in accordance with the terms and conditions of the Information Statement. As a result, all calculations in respect of the Reference Portfolio Return that were based on the price of the common shares of Encana are, from this date until maturity, based on the price of the common shares of Canadian Natural Resources Limited.