Published on 6/27/2008 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $468,000 10% reverse exchangeables linked to AT&T
By Susanna Moon
Chicago, June 27 - JPMorgan Chase & Co. priced $468,000 of 10% reverse exchangeable notes due June 30, 2009 linked to the common stock of AT&T Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless AT&T stock falls by more than 20% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of AT&T 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: | AT&T Inc. (Symbol: T)
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Amount: | $468,000
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Maturity: | June 30, 2009
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Coupon: | 10%, payable monthly
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Price: | Par
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Payout at maturity: | If AT&T stock falls by more than the protection level during the life of the notes and finishes below the initial share price, 29.0107 AT&T shares; otherwise, par
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Initial share price: | $34.47
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Protection level: | $6.894, 20% of initial price
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Pricing date: | June 25
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Settlement date: | June 30
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Agent: | J.P. Morgan Securities Inc.
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Fees: | 4.214%, including 3.087% for selling concessions
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