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Fortis to sell principal-protected absolute return barrier notes linked to Nasdaq 100
By Susanna Moon
Chicago, May 6 - Fortis Bank, Cayman Islands Branch plans to price 0% principal-protected absolute return barrier notes due Nov. 20, 2009 linked to the Nasdaq 100 index, according to a term sheet.
Interest will be payable monthly.
If the index stays above the downside knock-out level and below the upside knock-out level, the payout at maturity will be par plus any gain in the index. The knock-out levels will be 20% above and below the initial index level.
Otherwise, the payout will be par.
The notes are expected to price on May 22 and settle on May 28.
Fortis Bank will be the agent. Incapital LLC is the distributor.
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