Published on 11/15/2010 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $2 million single observation reverse exchangeables on Freeport-McMoRan
By Marisa Wong
Madison, Wis., Nov. 15 - JPMorgan Chase & Co. priced $2 million of 7.2% annualized single observation reverse exchangeable notes due May 16, 2011 linked to the common stock of Freeport-McMoRan Copper & Gold Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be paid at maturity.
The payout at maturity will be par unless the final share price is less than 60% of the initial share price, in which case the payout will be a number of Freeport-McMoRan 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: | Single observation reverse exchangeable notes
|
Underlying stock: | Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
|
Amount: | $2 million
|
Maturity: | May 16, 2011
|
Coupon: | 7.2% per year, payable at maturity
|
Price: | Par
|
Payout at maturity: | If final price of Freeport-McMoRan stock has declined from initial price by more than protection amount, a number of Freeport-McMoRan shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, an equivalent amount in cash; otherwise, par
|
Initial share price: | $108.01
|
Protection amount: | $43.204, 40% of initial price
|
Pricing date: | Nov. 11
|
Settlement date: | Nov. 16
|
Agent: | J.P. Morgan Securities LLC
|
Fees: | 0.5%
|
Cusip: | 48124A2Q9
|
© 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.