New Issue: JPMorgan sells $3 million return enhanced notes linked to Nikkei

By Jennifer Chiou

New York, May 25 - JPMorgan Chase & Co. sold $3 million of 0% return enhanced senior notes due Dec. 5, 2007 linked to the Nikkei 225 index, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par plus three times any positive return on the index, capped at a maximum payout of 43.5%. Investors will be fully exposed to any decline in the index level.

Issuer:	JPMorgan Chase & Co.
Issue:	Return enhanced senior notes
Underlying index:	Nikkei 225
Amount:	$3 million
Maturity:	Dec. 5, 2007
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus three times any return on the index, capped at 43.5% payout; full exposure to any index decline
Pricing date:	May 23
Settlement date:	May 26
Underwriter:	J.P. Morgan Securities Inc.

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