Published on 9/17/2009 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $5.36 million autocallable optimization notes tied to Market Vectors Gold Miners
By E. Janene Geiss
Philadelphia, Sept. 17 - JPMorgan Chase & Co. priced $5.36 million of 0% autocallable optimization securities with contingent protection due March 21, 2011 linked to the Market Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
If the ETF's shares close at or above the initial share price of any of six quarterly observation dates, the notes will be automatically called and investors will receive par of $10 plus an annualized call premium of 25%.
The observation dates are Dec. 15, 2009, March 15, 2010, June 15, 2010, Sept. 15, 2010, Dec. 15, 2010 and March 15, 2011.
If the notes are not called and the final share price is greater than or equal to 70% of the initial price, the payout at maturity will be par. If the final share price is less than 70% of the initial price, the payout will be par plus the fund return.
UBS Financial Services Inc. and J.P. Morgan Securities Inc. are the agents.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable optimization securities with contingent protection
|
| Underlying ETF: | Market Vectors Gold Miners
|
| Amount: | $5,359,840
|
| Maturity: | March 21, 2011
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | Par if final share price is greater than or equal to trigger price; otherwise, par plus share price return
|
| Call: | Automatically at par plus annualized call premium of 25% if ETF's shares close at or above the initial price on Dec. 15, 2009, March 15, 2010, June 15, 2010, Sept. 15, 2010, Dec. 15, 2010 or March 15, 2011
|
| Initial share price: | $46.87
|
| Trigger price: | $32.809, 70% of initial price
|
| Pricing date: | Sept. 15
|
| Settlement date: | Sept. 18
|
| Agents: | UBS Financial Services Inc. and J.P. Morgan Securities Inc.
|
| Fees: | 1%
|
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