Business Context and Reporting Period
This Form 6-K filing by The Bank of Nova Scotia (Scotiabank) and Scotiabank Covered Bond Guarantor Limited Partnership covers the period ending April 20, 2016. The report serves to incorporate exhibits by reference into the Registrants' $15 billion global covered bond program shelf registration statement (Form F-3, File No. 333-188984).
Key Financial Metrics
The filing details a specific debt issuance rather than general operating results. Key metrics include:
- Debt Issuance: $2,500,000,000 aggregate principal amount of covered bonds.
- Interest Rate: 1.875%.
- Maturity: Due 2021.
- Currency: U.S. Dollars.
The filing text does not provide clear values for revenue, profit, cash flow, margins, or overall liquidity positions for the reporting period.
Material Changes
The primary material event is the execution of an underwriting agreement dated April 19, 2016, for the issuance of the $2.5 billion covered bonds. This transaction expands the Registrants' outstanding debt under the existing shelf registration program.
Guidance, Outlook, and Risks
The document does not contain management commentary, financial guidance, or outlook statements. It references a KPMG report dated January 29, 2016, regarding compliance with applicable servicing criteria for covered bonds, which is incorporated by reference. No specific risks or contingencies are detailed within the text of this specific Form 6-K.
Investor Verification Checklist
- Verify the final closing date and settlement of the $2.5 billion covered bond issuance.
- Review the full Underwriting Agreement (Exhibit 1.2) for covenants and conditions.
- Confirm the impact of this issuance on the Bank's total leverage and liquidity ratios in subsequent quarterly reports.
- Check the KPMG servicing criteria report (referenced in Exhibit 23.2) for any compliance issues.