global economics | latam charts weekly

November 12, 2021

GLOBAL ECONOMICS

| LATAM CHARTS WEEKLY

CONTACTS

James Haley

416.607.0058

Scotiabank Economics

[email protected]

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Latam Charts: Indicators Dispel Uncertainty

• Economic indicators continue to point to strong growth in the Latam

region, reducing the uncertainty that had prevailed with respect to the

resilience of the recovery. Strong growth will soon restore output to its

pre-pandemic level—or has already done so.

• The big questions now concern the level and persistence of inflation,

and what it will take in terms of central bank tightening to contain price

pressures. Latam central banks have begun tightening, with additional

policy rates hikes on the way.

• At the same time, continued growth remains hostage to possible adverse

developments in the pandemic that could, for example, exacerbate

existing supply chain disruptions or propagate new bottlenecks.

KEY ECONOMIC CHARTS

Only a few months ago, uncertainty regarding the resiliency and the pace of

economic recovery hung over the Latam region. While Latam economies

experienced a rebound from the pandemic-induced contractions in 2020 (chart 1),

questions remained as to whether the recovery would be maintained. These

doubts reflected several factors; not surprisingly, the most important unknowns

related to the transmission and virulence of COVID-19.

Much of that uncertainty has dissipated. As additional data points on economic

activity have come in (chart 2), projected growth rates have been raised, and there

is growing confidence that output will soon return to pre-COVID-19 levels and,

indeed, has likely already done so in Colombia, where September indicators

provide a strong close to Q3.

Growth rates across the region are expected to moderate, however, as base

effects, which reflect the contraction in output early in the pandemic, wane.

Over 2022, growth is projected to broadly return to pre-pandemic levels. In this

regard, raising long-run potential output growth remains an important policy

challenge in terms of addressing long-standing development issues. And boosting

potential output would also have a salutary effect on inflationary pressures.

The Latam region, like the rest of the global economy, has experienced a

sharp rise in inflation as economies have recovered (chart 3). For the most

part, recent data releases underscore this trend: October numbers for Chile and

Mexico show inflation at 6% y/y, above the upper range of inflation targets, while in

Peru the most recent survey of 12-month inflation expectations by the BCRP

revealed expected inflation at 3.6%, above the upper limit of the central bank’s

target range for the third consecutive month. In Colombia, in contrast, October CPI

came in at 0.1% m/m, with a VAT holiday offsetting other price rises. While that

temporary measure may provide short-term benefits by containing year-end

indexation effects, our team in Bogota do not expect it to affect the central bank’s

tightening plans.

Price pressures are expected to be transitory, with inflation rates projected

to gradually decline in 2022 as temporary supply-side bottlenecks and

TABLE OF CONTENTS

Commentary 1–2

Key Economic Charts 3–4

Key Market Charts 5

Yield Curves 6–7

Key COVID-19 Charts 8–9

Market Events & Indicators 10–11

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November 12, 2021

GLOBAL ECONOMICS


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supply chain disruptions are corrected. But this forecast is contingent on Latam central banks following through on price

stability commitments to firmly anchor inflation expectations.

Central banks across the region have reacted by embarking on a tightening cycle to unwind the extraordinarily

stimulative monetary conditions introduced in the pandemic. Key policy rates have been raised across the region; the latest

increases coming in Mexico, where Banxico raised its policy rate 25 bps on November 11, and Peru, with the BCRP hiking its

policy rate 50 bps, also on November 11. Despite recent increases, however, policy rates remain negative in real terms (adjusted

for inflation) in Chile, Colombia, and Peru (chart 4). Central banks in Brazil and Mexico have been more aggressive in hiking rates,

setting them apart from their peers in the region and around the globe (chart 5).

Fiscal authorities also responded to the pandemic with extraordinary measures to support the most vulnerable and

sustain economic activity. The result was a marked deterioration in fiscal balances (chart 6) and a corresponding increase in

general government gross debt as a share of GDP (chart 7). While public sector balance sheets provided a shock absorber

through the pandemic, and an increase in debt-to-GDP ratios is consistent with that role, increases in Argentina and Brazil, which

pre-date the COVID-19 event are noteworthy. Looking ahead, a further deterioration in public finances, particularly in the run-up to

elections, could weigh on investor confidence.

Such concerns could be aggravated by external vulnerabilities, including external debt burdens (chart 8), current account

balances (chart 9), and international reserves (chart 10). At this point, however, there is little indication of potential problems.

KEY MARKET CHARTS

Financial markets in the Latam region have largely reflected two factors over the past six months: central banks’

tightening cycle and political uncertainty. In Brazil, for example, the real has appreciated against the US dollar in recent weeks

on the back of the central bank’s policy (chart 3). The Peruvian currency, meanwhile, has rallied against the dollar, recouping the

losses sustained earlier in the year as political uncertainty in the run-up to the presidential elections and the extended interregnum

that followed took a toll on the pen. With that uncertainty reduced, and the administration in Lima projecting a more moderate tone,

the financial environment has improved. In contrast, increased political uncertainty in Brazil, reflecting growing opposition to the

president, has likely hurt local equity markets, which have underperformed relative to all other regional markets (chart 4).

The effects of the same two factors can also be discerned in a longer-term perspective. Latam currencies depreciated early

in the pandemic, consistent with inflation-targeting regimes with flexible exchange rates, as central banks took extraordinary

actions (chart 5). Similarly, 10-year CDS spreads on Latam sovereigns widened considerably in March 2020, but narrowed through

the balance of the year (chart 6). Spread widening in Brazil, Colombia and Peru in 2021 has likely reflected political considerations

and other idiosyncratic factors, such as the nationwide strikes in Colombia that had disrupted production earlier in the year.

YIELD CURVE CHARTS

Latam sovereign yield curves have shifted up over the year as central banks started tightening monetary conditions

(charts 1–12). Most sovereign curves have shifted up more or less uniformly over all maturities as markets have priced-in the

effects of inflation and central banks’ reponses to price pressures. Argentina, which features a highly inverted yield curve reflecting

the pervasive uncertainty regarding near-term debt sustainability, is an exception. Mexico’s curve is another exception. While the

short-end of the curve has shifted up since the start of the year, beyond the medium-term it remains firmly anchored at its position

at the start of the year.

KEY COVID-19 CHARTS

It was noted above that much of the uncertainty clouding near-term prospects has cleared. Unknowns related to the

evolution of the pandemic remain, however. Charts 1–12 provide key monitoring tools. Of especial importance in this regard is the

continued decline in new daily cases (chart 7) and test positivity rates (chart 12). At the same time, tracking vaccine doses

administered (chart 10) provides a guide to the robustness of the recovery. Chile continues to stand out, not only in the region, but

internationally, in this regard.



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November 12, 2021

GLOBAL ECONOMICS



Key Economic Charts

-40

-30

-20

-10

0

10

20

30

40

50

2016 2017 2018 2019 2020 2021 2022

Argentina Brazil

Chile Colombia

Mexico Peru

Real GDP

Sources: Scotiabank Economics, Haver Analytics.

y/y % change forecast

-4

-2

0

2

4

6

8

10

12

0

10

20

30

40

50

60

2016 2017 2018 2019 2020 2021 2022

Argentina, LHS Brazil, RHS

Chile, RHS Colombia, RHS

Mexico, RHS Peru, RHS

Inflation


y/y % change

forecast

y/y % change

-15

-10

-5

0

5

10

2006 2008 2010 2012 2014 2016 2018 2020

Argentina Brazil

Chile Colombia

Mexico Peru

General Government Fiscal Balance

Sources: Scotiabank Economics, IMF Fiscal Monitor, Apr. 2021.

% of GDP

Chart 1

Chart 3 Chart 4

Chart 6

-60

-40

-20

0

20

40

60

80

2018 2019 2020 2021

Argentina Brazil

Chile Colombia

Mexico Peru

Latam: Monthly Economic Activity Index Tracker


y/y % change

Chart 2

-4

-2

0

2

4

6

8

10

Peru Colombia Chile Mexico Brazil

Monetary policy rate

Real monetary policy rate*

Policy Rates

* Real monetary policy rate = current policy rate - BNS expected inflation, end-Q4-2022, % y/y. Argentina: MPR = 38.0%; Real MPR = 1.5%. Sources: Scotiabank Economics, Haver Analytics.

%

-4

-3

-2

-1

0

1

2

3

4

5

US

A

GB

R

CA

N

AU

S

NZ

L

IND

EU

R

KO

R

JP

N

CH

N

PE

R

CO

L

CH

L

ME

X

BR

A

%

* Real monetary policy rate = current policy rate - BNS expected inflation, end-Q4-2022, % y/y. Sources: Scotiabank Economics, Bloomberg.

Real Monetary Policy Rates*

Chart 5



November 12, 2021

GLOBAL ECONOMICS



Key Economic Charts

0

10

20

30

40

50

60

70

80

90

100

2006 2008 2010 2012 2014 2016 2018 2020

Argentina Brazil

Chile Colombia

Mexico Peru

External Debt


% of GDP

0

5

10

15

20

25

2006 2008 2010 2012 2014 2016 2018 2020

Argentina Brazil

Chile Colombia

Mexico Peru

Total Reserves


months of imports

Chart 7 Chart 8

Chart 9

-10

-8

-6

-4

-2

0

2

4

6

8

2016 2017 2018 2019 2020 2021

Argentina Brazil

Chile Colombia

Mexico Peru

Current Account Balance


% of GDP

Chart 10

0

20

40

60

80

100

120

2006 2008 2010 2012 2014 2016 2018 2020

Argentina Brazil

Chile Colombia

Mexico Peru

General Government Gross Debt

Sources: Scotiabank Economics, IMF Fiscal Monitor, Apr. 2021.

% of GDP



November 12, 2021

GLOBAL ECONOMICS



Key Market Charts Chart 1 Chart 2

Chart 4 Chart 3

Chart 5 Chart 6

0

2

4

6

8

10

12

14

16

18

Argentina Brazil Chile* Colombia Mexico* Peru

* Data to Q1-2021.Sources: Scotiabank Economics, IMF.

%, Q2-2021 eop

Bank Capital to Assets Ratio

0

20

40

60

80

100

120

140

160

180

Argentina Brazil Chile Colombia Mexico Peru*

*Data to Q2-2021.Sources: Scotiabank Economics, BIS, Haver Analytics.

% of GDP, Q1-2021 eop

Domestic Credit to Private Nonfinancial Sector

-20 -15 -10 -5 0 5

ARS

COP

CLP

PEN

BRL

MXNWeek-to-date

Month-to-date

Year-to-date

Sources: Scotiabank Economics, Bloomberg.

% change vs USD

Latam Currencies Performance

-20 0 20 40 60 80 100

Brazil

Colombia

Peru

Chile

Mexico

Argentina

Week-to-date

Month-to-date

Year-to-date


% change

Latam Equities Performance

0

50

100

150

200

250

300

350

400

450

500

2018 2019 2020 2021

USA BBB 10-yr

BRA 10-yr

CHL 10-yr

COL 10-yr

MEX 10-yr

PER 10-yr

bps

10-yr CDS Spreads: Latam Sovereigns & US BBB Corporates vs US*

*Sovereigns vs US swaps; BBB corporates vs 10-yr USTs.Sources: Scotiabank Economics, Bloomberg.

70

80

90

100

110

120

130

140

150

160

170

180

190

2018 2019 2020 2021

BRL CLP COP MXN PEN

USD vs Latam Currencies

index, Jan. 1, 2018 = 100




November 12, 2021

GLOBAL ECONOMICS



Yield Curves Chart 1 Chart 2

Chart 4 Chart 3

Chart 5 Chart 6

1

3

5

7

9

11

13

3M 6M 9M 1Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y 15Y 20Y 25Y 30Y 35Y

Current

Start 2021

March 1, 2020

Brazil: NTN Curve


%

-200

0

200

400

600

800

1000

1200

3M 6M 9M 1Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y15Y20Y25Y30Y35Y

1 week chg.

1 month chg.

YTD chg.

Brazil: NTN Curve Moves

bps


0

1

2

3

4

5

6

7


Current

Start 2021

March 1, 2020

Chile: Sovereign Curve


%

-200

-100

0

100

200

300

400

500

600

3M 6M 9M 1Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y15Y20Y 25Y 30Y 35Y

1 week chg.

1 month chg.

YTD chg.

Chile: Sovereign Curve Moves

bps


10

20

30

40

50

60

70

80

90

100

110

120

2Y 3Y 7Y 30Y

Current

Start 2021

March 1, 2020

USD Argentina Sovereign Curve


%

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2Y 3Y 7Y 30Y

1 week chg.

1 month chg.

YTD chg.

Argentina: Curve Moves

bps




November 12, 2021

GLOBAL ECONOMICS



Yield Curves Chart 7 Chart 8

Chart 10 Chart 9

2

3

4

5

6

7

8


Current

Start 2021

March 1, 2020

Mexico: M-Bono Curve


%

-50

0

50

100

150

200

250


1 week chg.

1 month chg.

YTD chg.

Mexico: M-Bono Curve Moves

bps


0

1

2

3

4

5

6

7

8


Current

Start 2021

March 1, 2020

Peru: Sovereign Curve


%

-100

-50

0

50

100

150

200

250

300

350

400

450


1 week chg.

1 month chg.

YTD chg.

Peru: Sovereign Curve Moves

bps


Chart 12 Chart 11

2

3

4

5

6

7

8

9


Current

Start 2021

March 1, 2020

Colombia: Coltes Curve


%

-50

0

50

100

150

200

250

300

350

400


1 week chg.

1 month chg.

YTD chg.

Colombia: Coltes Curve Moves

bps




November 12, 2021

GLOBAL ECONOMICS



Chart 1 Chart 2 Chart 3


100

1,000

10,000

100,000

1,000,000

10,000,000

100,000,000

0 100 200 300 400 500

ArgentinaBrazilChileColombiaMexicoPeru

Latam CumulativeCOVID-19 Cases

cases, log base = 10

Sources: Scotiabank Economics, Johns Hopkins University.

days since 100th

recorded case

100

1,000

10,000

100,000

1,000,000

10,000,000

100,000,000

0 100 200 300 400 500

ChinaEuropeUSCanadaLatam ex. BrazilBrazil

Global CumulativeCOVID-19 Cases

cases, log base = 10

days since 100th

recorded case


0

10

20

30

40

50

60

70

80

90

0

5

10

15

20

25

30

35

Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21

Argentina, LHS Chile, LHS

Colombia, LHS Mexico, LHS

Peru, LHS Brazil, RHS

Latam: Trend in New Daily COVID-19 Cases


7dma, 000s7dma, 000s

Chart 7

Key COVID-19 Charts

0

10

20

30

40

50

60

70

80

90

Mar-20 Sep-20 Mar-21 Sep-21

China

Europe

US

Canada

Latam ex. Brazil

Brazil

Global COVID-19 Cases

mns of cases, cumulative

Sources: Scotiabank Economics,Johns Hopkins University, Oxford University.

0

20

40

60

80

100

120

140

Apr-20 Oct-20 Apr-21 Oct-21

Argentina

Brazil

Chile

Colombia

Mexico

Peru

Latam Population-Adjusted COVID-19 Cases

000s of cumulative cases per million people

Sources: Scotiabank Economics,Johns Hopkins University, United Nations.

0

100

200

300

400

500

600

700


Argentina

Brazil

Chile

Colombia

Mexico

Peru

Latam Cumulative COVID-19 Deaths

000s of deaths


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000


Argentina

Brazil

Chile

Colombia

Mexico

Peru

Latam Cumulative COVID-19 Deaths

cumulative deaths per million people


0

20

40

60

80

100

120

140

Mar-20 Aug-20 Jan-21 Jun-21 Nov-21

ARG BRA PACs

Canada UK US

Latam vs World: New Daily COVID-19 Cases

Sources: Scotiabank Economics, JHU.

7dma/100k pop.

Chart 8

0

20

40

60

80

100

120

140


CHL COL MEX

PER Canada UK

US

Pacific Alliance vs World:New Daily COVID-19 Cases

Sources: Scotiabank Economics, JHU.

7dma/100k pop.

Chart 9



November 12, 2021

GLOBAL ECONOMICS




Key COVID-19 Charts

0

50

100

150

200

250

Ja

n-2

1

Mar-

21

May-2

1

Ju

l-21

Se

p-2

1

No

v-2

1Argentina

Brazil

Chile

Colombia

Mexico

Peru

Vaccination Doses Administered

cumulative doses per 100 people

Sources: Scotiabank Economics, Oxford University.

0

50

100

150

200

250

Ja

n-2

1

Mar-

21

May-2

1

Ju

l-21

Se

p-2

1

No

v-2

1

CanadaChileFranceGermanyIsraelUKUS

Vaccination Doses Administered

cumulative doses per 100 people


0

10

20

30

40

50

60

70


ARG CHL COLMEX PER CANGBR USA

Test Positivity Rate

%




November 12, 2021

GLOBAL ECONOMICS



Market Events & Indicators for November 13–26

ARGENTINADate Time Event Period BNS Consensus Latest BNS Comments

Nov-17 14:00 Capacity Utilization (%) Sep -- -- 64.4

Nov-17 UTDT Leading Indicator Oct -- -- 0.71

Nov-22 Budget Balance (ARS mn) Oct -- -- 291428.4

Nov-23 14:00 Trade Balance (USD mn) Oct -- -- 1667

Nov-23 14:00 Exports Total (USD mn) Oct -- -- 7553

Nov-23 14:00 Imports Total (USD mn) Oct -- -- 5886

Nov-23 14:00 Economic Activity Index (y/y) Sep -- -- 12.8

Nov-23 14:00 Economic Activity Index (m/m) Sep -- -- 0.9

Nov-25 14:00 Shop Center Sales (y/y) Sep -- -- 245.19

Nov-25 14:00 Supermarket Sales (y/y) Sep -- -- 4.52

Nov-25 Consumer Confidence Index Nov -- -- 40.21

BRAZILDate Time Event Period BNS Consensus Latest BNS Comments

Nov-16 6:00 FGV CPI IPC-S (%) 15-Nov -- 0.8 0.81

Nov-16 6:00 FGV Inflation IGP-10 (m/m) Nov -- 1.62 -0.31

Nov-16 6:25 Central Bank Weekly Economist Survey

Nov-16 7:00 Economic Activity (m/m) Sep -- -0.06 -0.15

Nov-16 7:00 Economic Activity (y/y) Sep -- 2.6 4.74

Nov-16 13:00 Trade Balance Weekly (USD mn) 14-Nov -- -- -30.34

Nov-18 3:00 FIPE CPI - Weekly (%) 15-Nov -- 1.03 1.01

Nov-22 6:25 Central Bank Weekly Economist Survey

Nov-22 13:00 Trade Balance Weekly (USD mn) 21-Nov -- -- -30.34

Nov-23 6:00 FGV CPI IPC-S (%) 22-Nov -- 0.8 0.81

Nov-24 6:00 FGV Consumer Confidence Nov -- -- 76.3

Nov-25 3:00 FIPE CPI - Weekly (%) 22-Nov -- 1.03 1.01

Nov-25 6:00 FGV Construction Costs (m/m) Nov -- -- 0.8

Nov-25 7:00 IBGE Inflation IPCA-15 (m/m) Nov -- -- 1.2

Nov-25 7:00 IBGE Inflation IPCA-15 (y/y) Nov -- -- 10.34

Nov-25 7:30 Current Account Balance (USD mn) Oct -- -- -1699

Nov-25 7:30 Foreign Direct Investment (USD mn) Oct -- -- 4495

Nov 22-25 Tax Collections (BRL mn) Oct -- -- 149102

Nov-26 7:30 Outstanding Loans (m/m) Oct -- -- 2

Nov-26 7:30 Total Outstanding Loans (BRL bn) Oct -- -- 4428.781

Nov-26 7:30 Personal Loan Default Rate (%) Oct -- -- 4.25

Nov-26 Formal Job Creation Total Oct -- -- 313902

Nov 26-30 Federal Debt Total (BRL bn) Oct -- -- 5443

Nov 26-30 Central Govt Budget Balance (BRL bn) Oct -- -- 0.303

CHILEDate Time Event Period BNS Consensus Latest BNS Comments

Nov-18 6:30 Current Account Balance (USD mn) 3Q -- -- -2637.7

Nov-18 6:30 GDP (y/y) 3Q -- -- 18.1

Nov-18 6:30 GDP (q/q) 3Q -- -- 1.03

Nov-24 7:00 PPI (m/m) Oct -- -- -0.2



November 12, 2021

GLOBAL ECONOMICS



Market Events & Indicators for November 13–26

COLOMBIADate Time Event Period BNS Consensus Latest BNS Comments

Nov-16 10:00 Trade Balance (USD mn) Sep -- -- --

Nov-16 10:00 Imports CIF Total (USD mn) Sep -- -- --

Nov-16 11:00 GDP NSA (y/y) 3Q 11.1 -- --

Nov-16 11:00 Economic Activity NSA (y/y) Sep 10.8 -- --

Nov-16 11:00 GDP (q/q) 3Q 4.7 -- --

Nov-22 Industrial Confidence Oct -- -- --

Nov-22 Retail Confidence Oct -- -- --

Nov-26 Central Bank Board Meeting According to BanRep's schedule, the board

won't decide on monetary policy rates.

MEXICODate Time Event Period BNS Consensus Latest BNS Comments

Nov-17 10:00 International Reserves Weekly (USD mn) 12-Nov -- -- 198920

Nov-22 Citibanamex Survey of Economists

Nov-23 7:00 Retail Sales (m/m) Sep -- -- 0

Nov-23 7:00 Retail Sales (y/y) Sep -- -- 7.2

Nov-23 10:00 International Reserves Weekly (USD mn) 19-Nov -- -- 198920

Nov-24 7:00 Bi-Weekly CPI (%) 15-Nov -- -- 0.38

Nov-24 7:00 Bi-Weekly Core CPI (%) 15-Nov -- -- 0.2

Nov-24 7:00 Bi-Weekly CPI (y/y) 15-Nov -- -- 6.36

Nov-25 7:00 GDP NSA (y/y) 3Q F -- -- 4.56

Nov-25 7:00 GDP SA (q/q) 3Q F -- -- -0.23

Nov-25 7:00 GDP Nominal (y/y) 3Q -- -- 29.56

Nov-25 7:00 Economic Activity IGAE (y/y) Sep -- -- 4.28

Nov-25 7:00 Economic Activity IGAE (m/m) Sep -- -- -1.57

Nov-25 10:00 Current Account Balance (USD mn) 3Q -- -- 6286.1

Nov-25 10:00 Central Bank Monetary Policy Minutes

Nov-26 7:00 Trade Balance (USD mn) Oct -- -- -2398.43

PERUDate Time Event Period BNS Consensus Latest BNS Comments

Nov-15 10:00 Lima Unemployment Rate (%) Oct -- -- 10

Nov-15 Economic Activity (y/y) Sep -- -- 11.83

Nov-18 GDP (y/y) 3Q -- -- 41.9

The economy would exhibit a robust quarterly

rebound amid a strong consumption recovery.

Normality in main cities is leading to faster

recovery in traditional services sectors.



November 12, 2021

GLOBAL ECONOMICS



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Lima *

Santiago *

*

*

Mexico City

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PERU



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COSTA RICA



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November 12, 2021

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Any securities discussed in this report may not be suitable for all investors. Scotiabank recommends that investors independently evaluate any

issuer and security discussed in this report, and consult with any advisors they deem necessary prior to making any investment.

This report and all information, opinions and conclusions contained in it are protected by copyright. This information may not be

reproduced without the prior express written consent of Scotiabank.

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Scotiabank, together with “Global Banking and Markets”, is a marketing name for the global corporate and investment banking and capital

markets businesses of The Bank of Nova Scotia and certain of its affiliates in the countries where they operate, including; Scotiabank Europe

plc; Scotiabank (Ireland) Designated Activity Company; Scotiabank Inverlat S.A., Institución de Banca Múltiple, Grupo Financiero Scotiabank

Inverlat, Scotia Inverlat Casa de Bolsa, S.A. de C.V., Grupo Financiero Scotiabank Inverlat, Scotia Inverlat Derivados S.A. de C.V. – all

members of the Scotiabank group and authorized users of the Scotiabank mark. The Bank of Nova Scotia is incorporated in Canada with

limited liability and is authorised and regulated by the Office of the Superintendent of Financial Institutions Canada. The Bank of Nova Scotia is

authorized by the UK Prudential Regulation Authority and is subject to regulation by the UK Financial Conduct Authority and limited regulation

by the UK Prudential Regulation Authority. Details about the extent of The Bank of Nova Scotia's regulation by the UK Prudential Regulation

Authority are available from us on request. Scotiabank Europe plc is authorized by the UK Prudential Regulation Authority and regulated by the

UK Financial Conduct Authority and the UK Prudential Regulation Authority.

Scotiabank Inverlat, S.A., Scotia Inverlat Casa de Bolsa, S.A. de C.V, Grupo Financiero Scotiabank Inverlat, and Scotia Inverlat Derivados,

S.A. de C.V., are each authorized and regulated by the Mexican financial authorities.

Not all products and services are offered in all jurisdictions. Services described are available in jurisdictions where permitted by law.



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