Published on 7/19/2011 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $167,000 17.75% reverse convertibles linked to LDK Solar
New York, July 19 - JPMorgan Chase & Co. priced $167,000 of 17.75% reverse convertible notes due Oct. 20, 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 $3.586, 55% of the initial price of $6.52, during the life of the notes and finish below the initial price in which case the payout will be 153.3742 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: | $167,000
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Maturity: | Oct. 20, 2011
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Coupon: | 17.75%, 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 $3.586, 55% of the initial price, and finish below the initial price, in which case 153.3742 shares of LDK Solar stock
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Initial price: | $6.52
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Protection price: | $3.586, 55% of $6.52
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Exchange ratio: | 153.3742
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Pricing date: | July 15
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Settlement date: | July 20
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Agent: | JPMorgan
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Cusip: | 48125XXY7
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