Published on 7/20/2010 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $135,000 10.25% reverse convertibles linked to Goldman Sachs
New York, July 20 - JPMorgan Chase & Co. priced $135,000 of 10.25% reverse convertible notes due July 21, 2011 linked to Goldman Sachs Group, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Goldman Sachs shares fall below the protection price of $109.6575, 75% of the initial price of $146.21, during the life of the notes and finish below the initial price in which case the payout will be 6.8395 shares of Goldman Sachs stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Goldman Sachs Group, Inc. (Symbol: GS)
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Amount: | $135,000
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Maturity: | July 21, 2011
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Coupon: | 10.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Goldman Sachs shares fall below the protection price of $109.6575, 75% of the initial price, and finish below the initial price, in which case 6.8395 shares of Goldman Sachs stock
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Initial price: | $146.21
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Protection price: | $109.6575, 75% of $146.21
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Exchange ratio: | 6.8395
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Pricing date: | July 16
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Settlement date: | July 21
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Agent: | JPMorgan
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Cusip: | 48124AVY0
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