Published on 11/29/2010 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $2.42 million 10% upside auto callable reverse exchangeables tied to Freeport
By Angela McDaniels
Tacoma, Wash., Nov. 29 - JPMorgan Chase & Co. priced $2.42 million of 10% upside auto callable single observation reverse exchangeable notes due Nov. 30, 2011 linked to the common stock of Freeport-McMoran Copper & Gold Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par if Freeport-McMoran stock closes above the initial share price on Feb. 23, May 25, Aug. 26, 2011 or Nov. 25, 2011.
The payout at maturity will be par unless the final share price is less than 70% 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: | Upside auto callable single observation reverse exchangeable notes
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| Underlying stock: | Freeport-McMoran Copper & Gold Inc. (Symbol: FCX)
|
| Amount: | $2.42 million
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| Maturity: | Nov. 30, 2011
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| Coupon: | 10%, payable monthly
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| Price: | Par
|
| Payout at maturity: | If final share price is less than 70% of initial share price, number of Freeport-McMoran shares equal to $1,000 divided by initial share price or equivalent value in cash; otherwise, par
|
| Call: | Automatically at par if Freeport-McMoran stock closes above initial share price on Feb. 23, May 25, Aug. 26, 2011 or Nov. 25, 2011
|
| Initial share price: | $100.72
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| Pricing date: | Nov. 24
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| Settlement date: | Nov. 30
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 4.296%, including 3.533% for selling concessions
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| Cusip: | 48124A3F2
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