Published on 5/12/2009 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $0.238 million 18% reverse convertibles linked to Freeport-McMoRan
New York, May 12 - JPMorgan Chase & Co. priced $0.238 million of 18% reverse convertible notes due Nov. 13, 2009 linked to Freeport-McMoRan Copper & Gold Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Freeport-McMoRan shares fall below the protection price of $20.72, 40% of the initial price of $51.80, during the life of the notes and finish below the initial price in which case the payout will be 19.305 shares of Freeport-McMoRan stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Freeport-McMoRan Copper & Gold Inc. (Symbol: FCX)
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Amount: | $0.238 million
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Maturity: | Nov. 13, 2009
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Coupon: | 18%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Freeport-McMoRan shares fall below the protection price of $20.72, 40% of the initial price, and finish below the initial price, in which case 19.305 shares of Freeport-McMoRan stock
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Initial price: | $51.80
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Protection price: | $20.72, 40% of $51.80
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Exchange ratio: | 19.305
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Pricing date: | May 8
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Settlement date: | May 13
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Agent: | JPMorgan
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