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Fortis to price 14.75% knock-in reverse convertibles linked to Macy's via Incapital
By Jennifer Chiou
New York, Aug. 6 - Fortis Bank, Cayman Islands Branch plans to price six-month 14.75% knock-in reverse convertible securities linked to Macy's common stock, according to a term sheet.
In addition to the coupon, at maturity investors will receive par unless Macy's stock falls below the knock-in price - 80% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Macy's shares equal to $1,000 divided by the initial share price.
The notes will price on Aug. 28 and settle on Aug. 31.
Incapital LLC is the distributor.
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