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Fortis to price 17.4% knock-in reverse convertibles linked to Apple
By Angela McDaniels
Tacoma, Wash., May 27 - Fortis Bank, Cayman Islands Branch plans to price knock-in reverse convertible securities due Dec. 4, 2008 linked to Apple Inc. common stock, according to a term sheet.
The six-month notes will pay 8.7% for an annualized coupon of 17.4%. Interest will be payable monthly.
If Apple stock falls to or below the knock-in price - 75% of the initial share price - during the life of the notes and finishes below the initial share price, the payout at maturity will be a number of Apple shares equal to $1,000 divided by the initial share price.
Otherwise, the payout will be par.
The notes will price on May 30 and settle on June 4.
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