Business Context and Reporting Period
This Form 10-K is an annual report for the fiscal year ended October 31, 2017. The registrant is Scotiabank Covered Bond Guarantor Limited Partnership, a special purpose entity formed by The Bank of Nova Scotia (the Sponsor). The Bank of Nova Scotia acts as the Sponsor, Depositor, Originator, Servicer, and Cash Manager for the Issuing Entity. The filing relates to Covered Bonds registered pursuant to Section 12(g) of the Securities Exchange Act of 1934.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. This report is a compliance filing under General Instruction J(1) and J(2) of Form 10-K, which permits the omission of standard financial statements and selected financial data (Items 6, 7, and 8) for asset-backed issuers. Instead, the document focuses on regulatory compliance regarding the servicing of the asset pool.
Material Changes
The filing does not disclose material changes in financial performance or operational metrics compared to prior periods. The document confirms that the Issuing Entity was formed by the Sponsor, with the Sponsor owning a 99.95% limited partnership interest. No changes to the ownership structure or the roles of the Servicer and Bond Trustee are indicated for this period.
Guidance, Outlook, and Risks
- Legal Proceedings: No legal proceedings are known to be pending against the Sponsor, Originator, Servicer, Cash Manager, Issuing Entity, or Bond Trustee that are material to holders of the covered bonds.
- Servicing Compliance: The Bank of Nova Scotia (Servicing Party) completed a Servicing Assessment Report and an independent Attestation Report by KPMG LLP. Neither report identified any material instance of noncompliance with applicable servicing criteria.
- Affiliations: The Sponsor owns 100% of Scotiabank Covered Bond GP Inc. (managing general partner) and 9% of 8429057 Canada Inc. (liquidation general partner). No other material business relationships or transactions outside the ordinary course of business were identified.
- Outlook: The filing contains no forward-looking guidance, management commentary on future earnings, or specific risk factors beyond the standard regulatory disclosures.
Investor Verification Checklist
- Verify the full financial statements of The Bank of Nova Scotia (the Sponsor) as the Issuing Entity's financial data is omitted in this filing.
- Review the attached Exhibit 33.1 (Servicing Assessment Report) and Exhibit 34.1 (Attestation Report) for detailed compliance metrics.
- Confirm the status of the underlying mortgage loan pool owned by the Issuing Entity, as the Sponsor is the originator of all such loans.
- Check for any subsequent filings regarding the Covered Bonds, as this document serves primarily as a regulatory update rather than a comprehensive financial report.