Published on 6/28/2007 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $140,000 11% reverse exchangeables linked to NYSE Euronext
By E. Janene Geiss
Philadelphia, June 28 - JPMorgan Chase & Co. priced a $140,000 issue of reverse exchangeable notes due Dec. 28, 2007 linked to the common stock of NYSE Euronext, according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes will pay 5.5% for an 11% annualized rate. Interest is payable monthly.
The payout at maturity will be par unless NYSE Euronext stock falls by more than 20% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of NYSE Euronext shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent cash value.
J.P. Morgan Securities Inc. is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse exchangeable notes
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Underlying stock: | NYSE Euronext
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Amount: | $140,000
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Maturity: | Dec. 28, 2007
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Coupon: | 11% annualized, payable monthly
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Price: | Par
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Payout at maturity: | If NYSE Euronext stock falls by more than the protection amount during the life of the notes and finishes below the initial share price, a number of NYSE Euronext shares equal to $1,000 divided by the initial price or the equivalent cash value; otherwise, par
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Initial share price: | $72.82
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Protection amount: | $14.564, 20% of initial share price
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Pricing date: | June 26
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Settlement date: | June 29
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Agent: | J.P. Morgan Securities Inc.
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Fees: | 4.24%, including 2.87% for selling concessions
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