Fortis to sell principal-protected absolute return barrier notes linked to S&P 500

By Susanna Moon

Chicago, July 10 - Fortis Bank, Cayman Islands Branch plans to price 0% principal-protected absolute return barrier notes due Aug. 31, 2009 linked to the S&P 500 index, according to a term sheet.

Interest will be payable monthly.

If the index stays above the downside knock-out level and below the upside knock-out level, the payout at maturity will be par plus any gain in the index. The knock-out levels will be 15.5% above and below the initial index level.

Otherwise, the payout will be par.

The notes are expected to price on July 25 and settle on July 30.

Fortis Bank will be the agent.

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