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JPMorgan to price 9.5% reverse exchangeables linked to Merck
By Susanna Moon
Chicago, May 6 - JPMorgan Chase & Co. plans to price 9.5% reverse exchangeable notes due May 29, 2009 linked to the Merck & Co., Inc. stock, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless the stock falls by more than the protection amount - 20% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Merck shares equal to $1,000 divided by the initial share price.
The notes will price on May 27 and settle on May 30.
J.P. Morgan Securities Inc. will be the agent.
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