By Angela McDaniels
Tacoma, Wash., April 29 - JPMorgan Chase & Co. priced $30,000 of 0% bearish buffered return enhanced notes due Oct. 31, 2008 inversely linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is less than the initial level, the payout at maturity will be par plus 4% for every 1% index decline. The payout will be capped at 110% of par.
If the final level is greater than the initial level, the payout will be par if the index advances by 5% or less. Investors will lose 1% for every 1% that the index increases beyond 5%.
J.P. Morgan Securities Inc. is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Bearish buffered return enhanced notes
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Underlying index: | S&P 500
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Amount: | $30,000
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Maturity: | Oct. 31, 2008
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 4% for every 1% index decline, capped at 10% maximum return; par if index increases by 5% or less; 1% loss for every 1% increase beyond 5%
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Initial index level: | 1,397.84
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Pricing date: | April 25
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Settlement date: | April 30
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Agent: | J.P. Morgan Securities Inc.
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Fees: | 0.57%
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