New Issue: JPMorgan sells $160,000 13.5% reverse exchangeables linked to International Rectifier

By Laura Lutz

Des Moines, Nov. 22 - JPMorgan Chase & Co. priced $160,000 of 13.5% reverse exchangeable notes due Nov. 27, 2007 linked to International Rectifier Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash if International Rectifier stock stays at or above the protection price, 80% of the initial price of $40.00, between Nov. 21, 2006 and Nov. 21, 2007, and finishes at or above the initial price. Otherwise, the payout will be in International Rectifier stock, with the number of shares equal to $1,000 divided by the initial share price.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	International Rectifier Corp.
Amount:	$160,000
Maturity:	Nov. 27, 2007
Coupon:	13.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if International Rectifier stock stays at or above the protection price of $32 and finishes at or above the initial price; otherwise shares of International Rectifier stock equal to $1,000 divided by the initial price
Initial price:	$40.00
Protection price:	$32, 80% of $40.00
Pricing date:	Nov. 21
Settlement date:	Nov. 27
Agent:	J.P. Morgan Securities Inc.
Agent fee:	3%, includes 2.5% selling concession

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