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JPMorgan to price 10% reverse exchangeables linked to Wal-Mart
By Angela McDaniels
Tacoma, Wash., Nov. 18 - JPMorgan Chase & Co. plans to price 10% reverse exchangeable notes due Nov. 27, 2009 linked to the common stock of Wal-Mart Stores, Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless Wal-Mart stock falls by more than 35% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Wal-Mart shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, a cash amount equal to the value of those shares.
The notes are expected to price Nov. 24 and settle Nov. 28.
J.P. Morgan Securities Inc. is the agent.
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