Published on 6/10/2008 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.42 million 10% reverse exchangeables linked to Bank of America
By E. Janene Geiss
Philadelphia, June 10 - JPMorgan Chase & Co. priced $1.42 million of 10% reverse exchangeable notes due June 11, 2009 linked to the common stock of Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Bank of America stock falls by more than 40% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Bank of America shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent cash value.
J.P. Morgan Securities Inc. is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse exchangeable notes
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Underlying stock: | Bank of America Corp. (Symbol: BAC)
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Amount: | $1,422,000
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Maturity: | June 11, 2009
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Coupon: | 10%, payable monthly
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Price: | Par
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Payout at maturity: | If Bank of America stock falls by more than the protection amount during the life of the notes and finishes below the initial share price, 32.7869 Bank of America shares; otherwise, par
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Initial share price: | $30.50
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Protection amount: | $12.20, 40% of initial share price
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Pricing date: | June 6
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Settlement date: | June 11
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Agent: | J.P. Morgan Securities Inc.
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Fees: | 4.348%, including 3.174% for selling concessions
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