Published on 9/26/2006 in the Prospect News Structured Products Daily.
New Issue: JPMorgan Chase & Co. sells $1.22 million 10% reverse convertibles linked to Aetna
By Laura Lutz
Des Moines, Sept. 19 - JPMorgan Chase & Co. priced $1.221 million of 10% reverse convertible notes due Sept. 28, 2007 linked to Aetna Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Aetna stock does not decline by more than the protection amount, 20% of the initial price of $38.32, between Sept. 22, 2006 and Sept. 25, 2007, and finishes at or above the initial price. Otherwise, the payout will be in Aetna stock, with the number of shares equal to $1,000 divided by the initial share price.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Aetna, Inc.
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Amount: | $1.221 million
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Maturity: | Sept. 28, 2007
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Coupon: | 10%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Aetna stock does not decline by more than the protection amount of $7.664 and finishes at or above the initial price; otherwise shares of Aetna stock equal to $1,000 divided by the initial price
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Initial price: | $38.32
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Protection amount: | $7.664, 20% of initial price
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Pricing date: | Sept. 22
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Settlement date: | Sept. 25
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Agent: | J. P. Morgan Securities Inc.
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