Published on 7/30/2008 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $4.3 million protected dual directional notes linked to five currencies
By Jennifer Chiou
New York, July 30 - JPMorgan Chase & Co. priced $4.3 million of zero-coupon principal-protected dual directional notes due Jan. 31, 2011 linked to the performance of a basket of currencies relative to the dollar, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes equal weights of the Brazilian real, Russian ruble, South Korean won, Chinese renminbi and Indian rupee.
If the basket appreciates against the dollar, the payout at maturity will be par plus 145% of the gain. If the basket depreciates relative to the dollar, the payout will be par plus 45% of the absolute value of the decline.
J.P. Morgan Securities Inc. is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Principal-protected dual directional notes
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Underlying currencies: | Dollar versus an equally weighted basket containing the Brazilian real, Russian ruble, South Korean won, Chinese renminbi and Indian rupee
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Amount: | $4,298,000
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Maturity: | Jan. 31, 2011
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 1.45% for every 1% the basket gains versus the dollar; par plus 0.45% for every 1% the basket falls versus the dollar
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Pricing date: | July 28
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Settlement date: | July 31
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Agent: | J.P. Morgan Securities Inc.
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Fees: | 2.128%, including 0.2% for selling concessions
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