Published on 4/28/2011 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $2.56 million 19.5% reverse convertibles linked to Ldk Solar
New York, April 28 - JPMorgan Chase & Co. priced $2.556 million of 19.5% reverse convertible notes due July 29, 2011 linked to Ldk Solar Co., Ltd. (Ads) shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Ldk Solar shares fall below the protection price of $7.994, 70% of the initial price of $11.42, during the life of the notes and finish below the initial price in which case the payout will be 87.5657 shares of Ldk Solar stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Ldk Solar Co., Ltd. (Ads) (Symbol: LDK)
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Amount: | $2.556 million
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Maturity: | July 29, 2011
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Coupon: | 19.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Ldk Solar shares fall below the protection price of $7.994, 70% of the initial price, and finish below the initial price, in which case 87.5657 shares of Ldk Solar stock
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Initial price: | $11.42
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Protection price: | $7.994, 70% of $11.42
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Exchange ratio: | 87.5657
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Pricing date: | April 26
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Settlement date: | April 29
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Agent: | JPMorgan
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Cusip: | 48125XLY0
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