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JPMorgan amends coupon to 22% on Fannie Mae reverse exchangeables
By E. Janene Geiss
Philadelphia, Feb. 28 - JPMorgan Chase & Co. amended the coupon and knock-in percentages of reverse exchangeable notes due June 11, 2008 linked to Federal National Mortgage Association (Fannie Mae) stock, according to an FWP filing with the Securities and Exchange Commission.
The interest rate is now 22%, not 25% as previously stated, and a protection amount of 30%, not 40%.
Interest will be payable monthly.
The payout at maturity will be par unless the stock falls by more than the protection amount - 30% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Fannie Mae shares equal to $1,000 divided by the initial share price.
The notes will price March 6 and settle March 11.
J.P. Morgan Securities Inc. will be the agent.
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