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JPMorgan to price 16.7% auto callable reverse exchangeables linked to Nordstrom
By Angela McDaniels
Tacoma, Wash., Jan. 7 - JPMorgan Chase & Co. plans to price 16.7% upside auto callable reverse exchangeable notes due July 31, 2008 linked to the common stock of Nordstrom, Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Nordstrom stock falls by more than 30% during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of Nordstrom shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent cash value.
The notes will be automatically called if the closing price of Nordstrom stock on April 28, 2008 is greater than the initial share price. Investors will receive par plus accrued interest.
The notes will price on Jan. 28 and settle on Jan. 31.
J.P. Morgan Securities Inc. will be the agent.
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