New Issue: JPMorgan sells $4.7 million 19.2% notes linked to Joy Global

By Jennifer Chiou

New York, April 3 - JPMorgan Chase & Co. priced a $4.7 million issue of 19.2% reverse exchangeable notes due July 5, 2007 linked to Joy Global, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

The three-month notes pay 4.8% for an annualized rate of 19.2%.

Payout at maturity will be par in cash unless Joy Global stock falls by more than the protection amount of $8.58 during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Joy Global shares equal to $1,000 divided by the initial share price.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Joy Global, Inc.
Amount:	$4.7 million
Maturity:	July 5, 2007
Coupon:	19.2%
Price:	Par
Payout at maturity:	Par in cash if Joy Global stock does not decrease by more than the protection amount of $8.58 and finishes at or above the initial price; otherwise 23.31 shares of Joy Global stock
Initial share price:	$42.90
Protection amount:	$8.58, 20% of $42.90
Pricing date:	March 30
Settlement date:	April 4
Agent:	J.P. Morgan Securities Inc.
Fees:	1.53% total, including 1.25% for selling concessions

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