New Issue: Fortis Bank prices $310,000 16.25% knock-in reverse convertibles tied to Research In Motion

By Jennifer Chiou

New York, May 29 - Fortis Bank, Cayman Islands Branch priced a $310,000 issue of 16.25% annualized knock-in reverse convertible securities due Nov. 28, 2008 linked to Research In Motion Ltd. stock, according to a term sheet.

Interest is payable monthly.

The payout at maturity will be par in cash unless Research In Motion stock closes at or below the knock-in price, 65% of the initial price of $130.49, during the life of the notes and finishes below the initial price, in which case investors will receive a number of Research In Motion 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:	Research In Motion Ltd. (Symbol: RIMM)
Amount:	$310,000
Maturity:	Nov. 28, 2008
Coupon:	16.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Research In Motion stock closes at or below $84.82 during the life of the notes and finishes below $130.49; in that case, a number of Research In Motion shares equal to $1,000 divided by $130.49
Initial price:	$130.49
Knock-in price:	$84.82, 65% of $130.49
Pricing date:	May 22
Settlement date:	May 28
Agent:	Fortis Bank
Distributor:	JVB Financial Group, LLC

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