Published on 4/28/2011 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $410,000 9.5% reverse convertibles linked to International Paper
New York, April 28 - JPMorgan Chase & Co. priced $410,000 of 9.5% reverse convertible notes due April 27, 2012 linked to International Paper Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless International Paper shares fall below the protection price of $24.144, 80% of the initial price of $30.18, during the life of the notes and finish below the initial price in which case the payout will be 33.1345 shares of International Paper stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | International Paper Co. (Symbol: IP)
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Amount: | $410,000
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Maturity: | April 27, 2012
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Coupon: | 9.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless International Paper shares fall below the protection price of $24.144, 80% of the initial price, and finish below the initial price, in which case 33.1345 shares of International Paper stock
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Initial price: | $30.18
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Protection price: | $24.144, 80% of $30.18
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Exchange ratio: | 33.1345
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Pricing date: | April 26
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Settlement date: | April 29
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Agent: | JPMorgan
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Cusip: | 48125XMM5
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