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Fortis to price 30% knock-in reverse convertibles linked to basket of Latin American stocks
By Susanna Moon
Chicago, July 10 - Fortis Bank, Cayman Islands Branch plans to price 30% annualized knock-in reverse convertible securities due Oct. 31, 2008 linked to a basket of American Depositary Shares representing Latin American common stocks, according to a term sheet.
The underlying stocks are Companhia Siderurgica Nacional, CompanhiaVale do Rio Doce and Gerdau SA.
Interest will be payable monthly.
If the worst-performing stock falls to or below the knock-in price - 80% 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 the worst-performing shares equal to $1,000 divided by the initial share price.
Otherwise, the payout will be par.
The notes will price on July 25 and settle on July 31.
Fortis Securities LLC is the agent.
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