Published on 7/22/2013 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $800,000 18% reverse exchangeables linked to Cliffs Natural
New York, July 22 - JPMorgan Chase & Co. priced $800,000 of 18% reverse exchangeable notes due Jan. 24, 2014 linked to Cliffs Natural Resources Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Cliffs Natural shares fall below the protection price of $10.668, 60% of the initial price of $17.78, during the life of the notes and finish below the initial price in which case the payout will be 56.243 shares of Cliffs Natural stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse exchangeable notes
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Underlying stock: | Cliffs Natural Resources Inc. (Symbol: CLF)
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Amount: | $800,000
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Maturity: | Jan. 24, 2014
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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 Cliffs Natural shares fall below the protection price of $10.668, 60% of the initial price, and finish below the initial price, in which case 56.243 shares of Cliffs Natural stock
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Initial price: | $17.78
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Protection price: | $10.668, 60% of $17.78
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Exchange ratio: | 56.243
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Pricing date: | July 18
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Settlement date: | July 23
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Agent: | JPMorgan
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Fees: | 1.25%
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Cusip: | 48126NKH9
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