JPMorgan plans 14% single observation reverse exchangeables linked to Bank of America

By E. Janene Geiss

Philadelphia, Jan. 6 - JPMorgan Chase & Co. plans to price 14% annualized single observation reverse exchangeable notes due July 20, 2009 linked to the common stock of Bank of America Corp., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The observation date is July 15, 2009.

Payout at maturity will be par unless Bank of America stock falls by more than 50% on the observation date, in which case the payout will be a number of Bank of America shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the value of those shares in cash.

The notes will price on Jan. 14 and settle on Jan. 20.

J.P. Morgan Securities Inc. will be the agent.

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