Published on 9/21/2012 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $593,000 8.25% reverse convertibles linked to Hess
New York, Sept. 21 - JPMorgan Chase & Co. priced $593,000 of 8.25% reverse convertible notes due March 22, 2013 linked to Hess Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Hess shares fall below the protection price of $35.815, 65% of the initial price of $55.10, during the life of the notes and finish below the initial price in which case the payout will be 18.1488 shares of Hess stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
|
Issue: | Reverse convertible notes
|
Underlying stock: | Hess Corp. (Symbol: HES)
|
Amount: | $593,000
|
Maturity: | March 22, 2013
|
Coupon: | 8.25%, payable monthly
|
Price: | Par
|
Payout at maturity: | Par in cash unless Hess shares fall below the protection price of $35.815, 65% of the initial price, and finish below the initial price, in which case 18.1488 shares of Hess stock
|
Initial price: | $55.10
|
Protection price: | $35.815, 65% of $55.10
|
Exchange ratio: | 18.1488
|
Pricing date: | Sept. 19
|
Settlement date: | Sept. 24
|
Agent: | JPMorgan
|
Fees: | 0.65%
|
Cusip: | 48125V5U0
|
© 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.