Published on 10/10/2012 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1 million 9% reverse convertibles linked to Stone Energy
New York, Oct. 10 - JPMorgan Chase & Co. priced $1 million of 9% reverse convertible notes due Jan. 10, 2013 linked to Stone Energy Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Stone Energy shares fall below the protection price of $14.61, 62.1173% of the initial price of $23.52, during the life of the notes and finish below the initial price in which case the payout will be 42.517 shares of Stone Energy stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Stone Energy Corp. (Symbol: SGY)
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Amount: | $1 million
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Maturity: | Jan. 10, 2013
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Coupon: | 9%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Stone Energy shares fall below the protection price of $14.61, 62.1173% of the initial price, and finish below the initial price, in which case 42.517 shares of Stone Energy stock
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Initial price: | $23.52
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Protection price: | $14.61, 62.1173% of $23.52
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Exchange ratio: | 42.517
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Pricing date: | Oct. 5
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Settlement date: | Oct. 11
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Agent: | JPMorgan
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Fees: | 1%
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Cusip: | 48126DDH9
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