Fortis’ Fresh new structure


Innovation is synonymous with convertible bonds and in recent weeks two new structures have been added to the market.

First, JPMorgan launched a €1.25 billion issue for Fortis Bank, using a structure called FRESH – Floating Rate Equity-linked Subordinated Hybrid.

“This is a Holy Grail for the ‘bancassurance’ market,” says Viswas Raghavan, head of equity-linked capital markets, JPMorgan, “providing issuers with an alternative to pure equity.”

The Fortis issue is the first ever undated floating

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