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Fortis Bank plans 12% knock-in reverse convertibles linked to Apple
By Jennifer Chiou
New York, May 11 - Fortis Bank, Cayman Islands Branch plans to price 12% knock-in reverse convertible securities due Aug. 29, 2007 linked to Apple Inc. stock, according to a term sheet.
The payout at maturity will be par in cash unless Apple stock trades at or below the knock-in price and closes below the initial price, in which case investors will receive a number of Apple shares equal to $1,000 divided by the initial share price.
The knock-in price will be 85% of the initial share price.
The pricing date will be May 24 with settlement on May 31.
Fortis Bank is the agent.
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