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Fortis to price 23% knock-in reverse convertibles linked to Dogs of the Dow
By Susanna Moon
Chicago, June 9 - Fortis Bank, Cayman Islands Branch plans to price 23% knock-in reverse convertible securities due June 30, 2009 linked to the Dogs of the Dow, according to a term sheet.
The underlying stocks are Bank of America Corp., Citigroup Inc., General Electric Co., Pfizer Inc., Verizon Communications Inc., General Motors Corp., AT&T Inc., JPMorgan Chase & Co. and E.I. DuPont de Nemours & Co.
Interest will be payable monthly.
If the price of any stock falls to or below the knock-in price - 50% of the initial share price - during the life of the notes and the worst-performing stock finishes below the initial share price, the payout at maturity will be a number of those shares equal to $1,000 divided by the initial share price.
Otherwise, the payout will be par.
The notes will price on June 25 and settle on June 30.
Fortis Securities LLC is the agent. JVB will be the distributor.
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