Published on 11/28/2011 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.03 million 17.25% reverse convertibles linked to MGM Resorts
New York, Nov. 28 - JPMorgan Chase & Co. priced $1.026 million of 17.25% reverse convertible notes due Feb. 29, 2012 linked to MGM Resorts International shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless MGM Resorts shares fall below the protection price of $5.838, 60% of the initial price of $9.73, during the life of the notes and finish below the initial price in which case the payout will be 102.7749 shares of MGM Resorts stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | MGM Resorts International (Symbol: MGM)
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Amount: | $1.026 million
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Maturity: | Feb. 29, 2012
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Coupon: | 17.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless MGM Resorts shares fall below the protection price of $5.838, 60% of the initial price, and finish below the initial price, in which case 102.7749 shares of MGM Resorts stock
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Initial price: | $9.73
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Protection price: | $5.838, 60% of $9.73
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Exchange ratio: | 102.7749
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Pricing date: | Nov. 22
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Settlement date: | Nov. 30
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Agent: | JPMorgan
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Fees: | 2.4%
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Cusip: | 48125VCD0
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