Published on 10/17/2006 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.325 million lesser index annual review notes linked to S&P 500, Nikkei
By Jennifer Chiou
New York, Oct. 17 - JPMorgan Chase & Co. priced a $1.325 million issue of 0% lesser index annual review notes due Oct. 28, 2009 linked to the S&P 500 and Nikkei 225 indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at increasing premiums if the lesser of the indexes is at least 90% of the initial value on the first call date or shows a positive return on the second and third annual review dates. For each $1,000 principal amount, the redemption amount will be 12.35% if called on Oct. 23, 2007, 24.7% if called on Oct. 23, 2008 and 37.05% if called on Oct. 23, 2009.
If the notes are not called, investors will receive par unless the index declines by more than 10%. Investors will lose 1.1111% of the principal amount for every 1% decline in the index beyond 10%.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Lesser index annual review notes
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| Underlying index: | S&P, Nikkei 225
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| Amount: | $1.325 million
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| Maturity: | Oct. 28, 2009
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| Coupon: | 0%
|
| Price: | Par
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| Call: | Automatically called at increasing premiums if the index is at least 90% of the initial level on the first review date or shows a positive return on the subsequent annual review dates; redemption amount will be 12.35% if called on Oct. 23, 2007, 24.7% if called on Oct. 23, 2008, 37.05% if called on Oct. 23, 2009
|
| Payout at maturity: | If the notes are not called, investors will receive par unless the index declines by more than 10%. Investors will lose 1.1111% of the principal amount for every 1% decline in the index beyond 10%
|
| Pricing date: | Oct. 13
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| Settlement date: | Oct. 18
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| Agent: | JPMorgan Securities Inc.
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| Agent fees: | 3.2%
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