Published on 11/30/2009 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $0.72 million 13.5% reverse convertibles linked to Wells Fargo
New York, Nov. 30 - JPMorgan Chase & Co. priced $0.721 million of 13.5% reverse convertible notes due Nov. 30, 2010 linked to Wells Fargo & Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Wells Fargo shares fall below the protection price of $8.358, 70% of the initial price of $27.86, during the life of the notes and finish below the initial price in which case the payout will be 35.8938 shares of Wells Fargo stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Wells Fargo & Co. (Symbol: WFC)
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Amount: | $0.721 million
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Maturity: | Nov. 30, 2010
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Coupon: | 13.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Wells Fargo shares fall below the protection price of $8.358, 70% of the initial price, and finish below the initial price, in which case 35.8938 shares of Wells Fargo stock
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Initial price: | $27.86
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Protection price: | $8.358, 70% of $27.86
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Exchange ratio: | 35.8938
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Pricing date: | Nov. 24
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Settlement date: | Nov. 30
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Agent: | JPMorgan
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Fees: | 2.375%
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