A €10m (US$8.9m) reverse convertible bond exchangeable into shares of Anglo Dutch consumer goods giant Unilever has been launched by Fortis Luxembourg Finance SA.

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Payable 20 May, and due on 20 May 2004, Fortis Bank revealed yesterday [Tuesday] that the bond carries a 10% coupon and is issued at 102% of par value.


The bond is redeemable at par if its final value, calculated as the closing price of a Unilever share on 13 May 2004, is higher than its initial value. This value amounts to the share’s closing price on 3 May 2002.


If this does not happen, investors will receive Unilever shares.

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