Published on 7/30/2007 in the Prospect News Structured Products Daily.
New Issue: JP Morgan prices $393,000 14% reverse exchangeables linked to Hovnanian Enterprises
By Susanna Moon
Chicago, July 30 - JPMorgan Chase &Co. priced a $393,000 issue of 14% annualized reverse exchangeable notes due Oct. 31, 2007 linked to the common stock of Hovnanian Enterprises, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par unless the stock falls by more than 25% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of shares equal to $1,000 divided by the initial share price or, at the bank's option, the equivalent cash value.
J.P. Morgan Securities Inc. is the agent.
Issuer: | JPMorgan Chase &Co.
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Issue: | Reverse exchangeable notes
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Underlying stock: | Hovnanian Enterprises, Inc.
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Amount: | $393,000
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Maturity: | Oct. 31, 2007
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Coupon: | 14%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless the stock falls by more than 25% during life of notes and finishes below initial share price, in which case the payout will be a number of shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent cash value
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Initial share price: | $13.36
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Protection amount: | $3.34, or 25% of initial share price
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Pricing date: | July 26
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Settlement date: | July 31
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Agent: | J.P. Morgan Securities Inc.
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Fee: | 5.01%, including 3.13% for selling concesssions
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