Published on 4/2/2008 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $2 million 14% reverse exchangeables linked to Potash of Saskatchewan
By Laura Lutz
Des Moines, April 2 - JPMorgan Chase & Co. priced $2 million of 14% reverse exchangeable notes due July 7, 2008 linked to the common stock of Potash Corp. of Saskatchewan, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If Potash stock falls below 65% of the initial share price during the life of the notes and finishes below the initial price, the payout at maturity will be a number of Potash shares equal to par divided by the initial price.
Otherwise, the payout will be par.
J.P. Morgan Securities Inc. will be the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse exchangeable notes
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Underlying stock: | Potash Corp. of Saskatchewan, Inc. (Symbol: POT)
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Amount: | $1,996,000
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Maturity: | July 7, 2008
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Coupon: | 14%, payable monthly
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Price: | Par
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Payout at maturity: | If Potash stock falls below 65% of initial share price during life of notes and finishes below initial shares price, par divided by initial share price; otherwise, par
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Initial level: | $158.79
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Trigger level: | 65% of initial level
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Pricing date: | April 1
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Settlement date: | April 7
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Agent: | J.P. Morgan Securities Inc.
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Fees: | 2.775%, including 2.146% for selling concessions
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