New Issue: Fortis Bank prices $455,000 16.75% knock-in reverse convertibles linked to Bunge

By Jennifer Chiou

New York, May 29 - Fortis Bank, Cayman Islands Branch priced a $455,000 issue of 16.75% annualized knock-in reverse convertible securities due Aug. 28, 2008 linked to Bunge Ltd. stock, according to a term sheet.

Interest is payable monthly.

The payout at maturity will be par in cash unless Bunge stock closes at or below the knock-in price, 75% of the initial price of $117.95, during the life of the notes and finishes below the initial price, in which case investors will receive a number of Bunge shares equal to $1,000 divided by the initial share price.

Fortis Bank is the agent. JVB Financial Group, LLC is the distributor.

Issuer:	Fortis Bank, Cayman Islands Branch
Issue:	Knock-in reverse convertible securities
Underlying stock:	Bunge Ltd. (Symbol: BG)
Amount:	$455,000
Maturity:	Aug. 28, 2008
Coupon:	16.75%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Bunge stock closes at or below $88.46 during the life of the notes and finishes below $117.95; in that case, a number of Bunge shares equal to $1,000 divided by $117.95
Initial price:	$117.95
Knock-in price:	$88.46, 75% of $117.95
Pricing date:	May 22
Settlement date:	May 28
Agent:	Fortis Bank
Distributor:	JVB Financial Group, LLC

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