No. of Recommendations: 1
You bought a reverse convertible security, which is a form of arbitrage Fortis is engaging in. It is a combination of a bond and a put. They will invest the principal for the term of the bond. If the investment is successful, they will return the principal to you at maturity. If not, they will pass the investment on to you - now at a lesser value than the principal you staked. You should find out what the underlying investment is. A 23% yield implies a lot of risk, so chances are you'll end up with the underlying investment. If it does well, you can try to sell the bond before maturity. You could make a profit. But you need to know what their reference price is, not just the open market price.
Obviously Fortis thinks the underlying investment is worthwhile or they wouldn't issue the bond, but they have the option of giving you the investment instead based on whatever trigger points they laid out in the prospectus (usually a percentage of the investments price at issuance).
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