Published on 10/30/2007 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $739,000 18% reverse exchangeables linked to D.R. Horton
By Susanna Moon
Chicago, Oct. 30 - JPMorgan Chase & Co. priced $739,000 of 18% reverse exchangeable notes due Oct. 31, 2008 linked to D.R. Horton, Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless D.R. Horton stock falls by more than 40% of the initial share price during the life of the notes and finishes below the initial share price, in which case investors will receive a number of shares equal to $1,000 divided by the initial share price.
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: | D.R. Horton, Inc. (NYSE: DHI)
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Amount: | $739,000
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Maturity: | Oct. 31, 2008
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Coupon: | 18%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless the stock falls by more than the protection amount during the life of the notes and finishes below the initial share price, in which case payout will be a number of shares equal to $1,000 divided by the initial price
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Initial share price: | $12.87
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Protection amount: | $5.148, or 40% of the initial share price
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Pricing date: | Oct. 26
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Settlement date: | Oct. 31
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Agent: | J.P. Morgan Securities Inc.
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Fees: | 5.717%, including 3.858% for selling concessions
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