Published on 7/30/2007 in the Prospect News Structured Products Daily.
New Issue: Fortis Bank prices $1.718 million 15.5% knock-in reverse convertibles linked to Apple
By Laura Lutz
Des Moines, July 30 - Fortis Bank, Cayman Islands Branch priced a $1.718 million issue of 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, 80% of the initial price of $146.00, 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.
Fortis Bank is the agent. Incapital LLC is the distributor.
Issuer: | Fortis Bank, Cayman Islands Branch
|
Issue: | Knock-in reverse convertible securities
|
Underlying stock: | Apple, Inc. (Symbol: AAPL)
|
Amount: | $1.718 million
|
Maturity: | Jan. 31, 2008
|
Coupon: | 15.5%
|
Price: | Par
|
Payout at maturity: | Par in cash unless Apple stock trades at or below $116.80 and closes below $146.00; in that case, a number of Apple shares equal to $1,000 divided by $146.00
|
Initial price: | $146.00
|
Knock-in price: | $116.80, 80% of $146.00
|
Pricing date: | July 26
|
Settlement date: | July 31
|
Agent: | Fortis Bank
|
Distributor: | Incapital LLC
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.