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Fortis Bank plans 15.5% knock-in reverse convertibles linked to Apple
By Jennifer Chiou
New York, July 10 - Fortis Bank, Cayman Islands Branch plans to price 15.5% annualized knock-in reverse convertible securities due Jan. 31, 2008 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 80% of the initial share price.
The pricing date will be July 26 with settlement on July 31.
Fortis Bank is the agent. Incapital LLC is the distributor.
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