Published on 7/12/2010 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $662,000 14.25% reverse convertibles linked to Foster Wheeler
New York, July 12 - JPMorgan Chase & Co. priced $662,000 of 14.25% reverse convertible notes due Oct. 14, 2010 linked to Foster Wheeler AG shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Foster Wheeler shares fall below the protection price of $16.71, 75% of the initial price of $22.28, during the life of the notes and finish below the initial price in which case the payout will be 44.8833 shares of Foster Wheeler stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Foster Wheeler AG (Symbol: FWLT)
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Amount: | $662,000
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Maturity: | Oct. 14, 2010
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Coupon: | 14.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Foster Wheeler shares fall below the protection price of $16.71, 75% of the initial price, and finish below the initial price, in which case 44.8833 shares of Foster Wheeler stock
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Initial price: | $22.28
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Protection price: | $16.71, 75% of $22.28
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Exchange ratio: | 44.8833
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Pricing date: | July 8
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Settlement date: | July 13
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Agent: | JPMorgan
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Fees: | 4.019%, including 2% for selling concessions
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Cusip: | 48124AWE3
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