By Angela McDaniels
Tacoma, Wash., Sept. 16 - JPMorgan Chase & Co. priced $2 million of single observation reverse exchangeable notes due March 17, 2011 linked to the common stock of Deutsche Bank AG, according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes pay 4.5% for an annualized coupon of 9%. Interest will be paid at maturity.
If the final share price is less than 60% of the initial share price, the payout at maturity will be a cash amount equal to (a) $1,000 divided by the initial share price multiplied by (b) the final share price. Otherwise, the payout will be par.
J.P. Morgan Securities Inc. is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Single observation reverse exchangeable notes
|
| Underlying stock: | Deutsche Bank AG (NYSE: DB)
|
| Amount: | $2 million
|
| Maturity: | March 17, 2011
|
| Coupon: | 9%, payable at maturity
|
| Price: | Par
|
| Payout at maturity: | If final share price has not declined from initial share price by more than the protection amount, par; otherwise, full exposure to the share price decline
|
| Initial share price: | $63.54
|
| Protection amount: | $25.416, 40% of initial price
|
| Pricing date: | Sept. 14
|
| Settlement date: | Sept. 17
|
| Agent: | J.P. Morgan Securities Inc.
|
| Fees: | 0.5%
|
| Cusip: | 48124AH59
|
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