Published on 11/28/2011 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $310,000 12.5% reverse convertibles linked to Peabody Energy
New York, Nov. 28 - JPMorgan Chase & Co. priced $310,000 of 12.5% reverse convertible notes due Feb. 29, 2012 linked to Peabody Energy Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Peabody Energy shares fall below the protection price of $22.503, 65% of the initial price of $34.62, during the life of the notes and finish below the initial price in which case the payout will be 28.8850 shares of Peabody Energy stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Peabody Energy Corp. (Symbol: BTU)
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Amount: | $310,000
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Maturity: | Feb. 29, 2012
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Coupon: | 12.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Peabody Energy shares fall below the protection price of $22.503, 65% of the initial price, and finish below the initial price, in which case 28.8850 shares of Peabody Energy stock
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Initial price: | $34.62
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Protection price: | $22.503, 65% of $34.62
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Exchange ratio: | 28.8850
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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: | 3.325%
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Cusip: | 48125VCF5
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