Published on 3/10/2008 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $101,000 25.6% reverse exchangeables linked to Dow 10 stocks
By Susanna Moon
Chicago, March 10 - JPMorgan Chase & Co. priced $101,000 of 25.6% annualized reverse exchangeable notes due March 11, 2009 linked to the worst performing common stock in the Dow 10 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless any stock in the Dow 10 - excluding JPMorgan's own stock - falls by more than 50% during the life of the notes, in which case the payout will be a number of shares of the worst performing stock equal to $1,000 divided by that stock's initial share price or, at JPMorgan's option, the equivalent cash value.
Excluding JPMorgan, the Dow 10 index includes Citigroup Inc., E.I. du Pont de Nemours and Co., General Electric Co., General Motors Corp., Home Depot, Inc., Merck & Co., Inc., Pfizer Inc., AT&T Inc. and Verizon Communications Inc.
J.P. Morgan Securities Inc. is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Reverse exchangeable notes
|
| Underlying stocks: | Common stocks included in the Dow 10 index, excluding JPMorgan
|
| Amount: | $101,000
|
| Maturity: | March 11, 2009
|
| Coupon: | 25.6%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock falls by more than 50% during the life of the notes, in which case a number of shares of the worst-performing stock equal to $1,000 divided by that stock's initial share price or the equivalent cash value; if the cash value of the physical delivery amount is greater than $1,000, payout will instead be par in cash
|
| Pricing date: | March 6
|
| Settlement date: | March 11
|
| Agent: | J.P. Morgan Securities Inc.
|
| Fees: | 6%, including 4% for selling concessions
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
