Published on 4/29/2010 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $0.27 million 9.5% reverse convertibles linked to Chesapeake Energy
New York, April 29 - JPMorgan Chase & Co. priced $0.27 million of 9.5% reverse convertible notes due Oct. 29, 2010 linked to Chesapeake Energy Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Chesapeake Energy shares fall below the protection price of $18.92, 80% of the initial price of $23.65, during the life of the notes and finish below the initial price in which case the payout will be 42.2833 shares of Chesapeake Energy stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Chesapeake Energy Corp. (Symbol: CHK)
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Amount: | $0.27 million
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Maturity: | Oct. 29, 2010
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Coupon: | 9.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Chesapeake Energy shares fall below the protection price of $18.92, 80% of the initial price, and finish below the initial price, in which case 42.2833 shares of Chesapeake Energy stock
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Initial price: | $23.65
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Protection price: | $18.92, 80% of $23.65
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Exchange ratio: | 42.2833
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Pricing date: | April 27
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Settlement date: | April 30
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Agent: | JPMorgan
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Fees: | 3.085%
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Cusip: | 48124ALW5
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