Published on 11/29/2010 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.52 million 10.9% reverse convertibles linked to Hartford Financial
New York, Nov. 29 - JPMorgan Chase & Co. priced $1.52 million of 10.9% reverse convertible notes due Feb. 28, 2011 linked to Hartford Financial Services Group, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Hartford Financial shares fall below the protection price of $16.9425, 75% of the initial price of $22.59, during the life of the notes and finish below the initial price in which case the payout will be 44.2674 shares of Hartford Financial stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Hartford Financial Services Group, Inc. (Symbol: HIG)
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Amount: | $1.52 million
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Maturity: | Feb. 28, 2011
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Coupon: | 10.9%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Hartford Financial shares fall below the protection price of $16.9425, 75% of the initial price, and finish below the initial price, in which case 44.2674 shares of Hartford Financial stock
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Initial price: | $22.59
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Protection price: | $16.9425, 75% of $22.59
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Exchange ratio: | 44.2674
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Pricing date: | Nov. 23
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Settlement date: | Nov. 30
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Agent: | JPMorgan
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Fees: | 1.785%, including 1.375% for selling concessions
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Cusip: | 48124A3S4
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