Published on 9/14/2007 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $500,000 12% reverse exchangeables linked to General Motors
By Laura Lutz
Des Moines, Sept. 10 - JPMorgan Chase & Co. priced a $500,000 issue of 12% annualized reverse exchangeable notes due Dec. 26, 2007 linked to General Motors Corp. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be paid monthly.
If General Motors stock falls below 60% of the initial share price during the life of the notes and finishes below the initial share price, the payout will be a number of General Motors shares equal to $1,000 divided by the initial share price.
Otherwise, the payout will be par.
J.P. Morgan Securities Inc. is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse exchangeable notes
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Underlying stock: | General Motors Corp. (Symbol: GM)
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Amount: | $500,000
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Maturity: | Dec. 26, 2007
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Coupon: | 12% annualized, payable monthly
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Price: | Par
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Payout at maturity: | Par unless General Motors stock falls below $19.97 during the life of the notes and finishes below the initial share price, in which case payout will be a number of shares equal to $1,000 divided by the initial price
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Initial share price: | $33.29
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Protection amount: | $19.97, 60% of the initial share price
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Pricing date: | Sept. 13
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Settlement date: | Sept. 26
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Agent: | J.P. Morgan Securities Inc.
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Fees: | 3.6%, including 2.48% for selling concessions
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