Published on 2/23/2011 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $810,000 10% upside autocallable reverse exchangeables on Foster Wheeler
By Angela McDaniels
Tacoma, Wash., Feb. 23 - JPMorgan Chase & Co. priced $810,000 of upside autocallable reverse exchangeable notes due Aug. 24, 2011 linked to the common stock of Foster Wheeler AG, according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes carry an annualized coupon of 10%. Interest is payable monthly.
The notes will be automatically called at par if Foster Wheeler stock closes above the initial share price on May 19, 2011.
The payout at maturity will be par unless Foster Wheeler shares close below the initial price by more than 30% during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of Foster Wheeler shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, a cash amount equal to the value of those shares.
J.P. Morgan Securities, LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Upside autocallable reverse exchangeable notes
|
| Underlying stock: | Foster Wheeler AG (Nasdaq: FWLT)
|
| Amount: | $810,000
|
| Maturity: | Aug. 24, 2011
|
| Coupon: | 10%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If share price declines by more than 30% during life of notes and final share price is less than initial share price, 25.3293 Foster Wheeler shares or equivalent in cash; otherwise, par
|
| Call: | Automatically at par if Foster Wheeler stock closes above initial share price on May 19, 2011
|
| Initial share price: | $39.48
|
| Pricing date: | Feb. 18
|
| Settlement date: | Feb. 24
|
| Agent: | J.P. Morgan Securities, LLC
|
| Fees: | 3.61%, including 2.25% for selling concessions
|
| Cusip: | 48125XFD3
|
© 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.
