New Issue: JPMorgan prices $458,000 20.8% reverse exchangeables linked to Fannie Mae

By Laura Lutz

Des Moines, Jan. 30 - JPMorgan Chase & Co. priced $458,000 of 20.8% reverse exchangeable notes due July 31, 2008 linked to Fannie Mae common stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

If Fannie Mae stock falls below 60% of the initial share price during the life of the notes and finishes below the initial share price, the payout at maturity will be a number of Fannie Mae shares equal to par divided by the initial share price.

Otherwise, the payout will be par.

J.P. Morgan Securities Inc. is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Fannie Mae (Symbol: FNM)
Amount:	$458,000
Maturity:	July 31, 2008
Coupon:	20.8%, payable monthly
Price:	Par
Payout at maturity:	If Fannie Mae stock falls below protection price during the life of the notes and finishes below the initial share price, a number of shares equal to par divided by the initial price; otherwise, par
Initial share price:	$33.04
Protection price:	60% of the initial share price
Pricing date:	Jan. 28
Settlement date:	Jan. 30
Agent:	J.P. Morgan Securities Inc.
Fees:	6%, including 3.75% 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.