Published on 7/19/2011 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $115,000 16% reverse convertibles linked to Hecla Mining
New York, July 19 - JPMorgan Chase & Co. priced $115,000 of 16% reverse convertible notes due Jan. 20, 2012 linked to Hecla Mining Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Hecla Mining shares fall below the protection price of $6.1425, 75% of the initial price of $8.19, during the life of the notes and finish below the initial price in which case the payout will be 122.1001 shares of Hecla Mining stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Hecla Mining Co. (Symbol: HL)
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Amount: | $115,000
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Maturity: | Jan. 20, 2012
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Coupon: | 16%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Hecla Mining shares fall below the protection price of $6.1425, 75% of the initial price, and finish below the initial price, in which case 122.1001 shares of Hecla Mining stock
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Initial price: | $8.19
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Protection price: | $6.1425, 75% of $8.19
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Exchange ratio: | 122.1001
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Pricing date: | July 15
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Settlement date: | July 20
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Agent: | JPMorgan
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Cusip: | 48125XYE0
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