Published on 10/30/2008 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $0.095 million 13.5% reverse convertibles linked to IBM
New York, Oct. 30 - JPMorgan Chase & Co. priced $0.095 million of 13.5% reverse convertible notes due Jan. 30, 2009 linked to International Business Machines Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless IBM shares fall below the protection price, 25% of the initial price of $87.28, during the life of the notes and finish below the initial price in which case the payout will be IBM shares equal to $1,000 principal amount divided by the initial price.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | International Business Machines Corp. (Symbol: IBM)
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Amount: | $0.095 million
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Maturity: | Jan. 30, 2009
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Coupon: | 13.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless IBM shares fall below the protection price, 25% of the initial price, and finish below the initial price, in which case IBM shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $87.28
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Pricing date: | Oct. 28
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Settlement date: | Oct. 31
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Agent: | JPMorgan
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