Published on 5/29/2008 in the Prospect News Structured Products Daily.
New Issue: Fortis Bank prices $320,000 12.75% knock-in reverse convertibles linked to Nvidia
By Jennifer Chiou
New York, May 29 - Fortis Bank, Cayman Islands Branch priced a $320,000 issue of 12.75% annualized knock-in reverse convertible securities due Aug. 28, 2008 linked to Nvidia, Corp. stock, according to a term sheet.
Interest is payable monthly.
The payout at maturity will be par in cash unless Nvidia stock closes at or below the knock-in price, 70% of the initial price of $23.65, during the life of the notes and finishes below the initial price, in which case investors will receive a number of Nvidia 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
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Issue: | Knock-in reverse convertible securities
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Underlying stock: | Nvidia, Corp. (Symbol: NVDA)
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Amount: | $320,000
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Maturity: | Aug. 28, 2008
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Coupon: | 12.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Nvidia stock closes at or below $16.56 during the life of the notes and finishes below $23.65; in that case, a number of Nvidia shares equal to $1,000 divided by $23.65
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Initial price: | $23.65
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Knock-in price: | $16.56, 70% of $23.65
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Pricing date: | May 22
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Settlement date: | May 28
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Agent: | Fortis Bank
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Distributor: | JVB Financial Group, LLC
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