Published on 2/25/2009 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $0.431 million 12.85% reverse convertibles linked to Monsanto
New York, Feb. 25 - JPMorgan Chase & Co. priced $0.431 million of 12.85% reverse convertible notes due Feb. 26, 2010 linked to Monsanto Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Monsanto shares fall below the protection price of $38.70, 50% of the initial price of $77.40, during the life of the notes and finish below the initial price in which case the payout will be 12.9199 shares of Monsanto stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Monsanto Co. (Symbol: MON)
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Amount: | $0.431 million
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Maturity: | Feb. 26, 2010
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Coupon: | 12.85%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Monsanto shares fall below the protection price of $38.70, 50% of the initial price, and finish below the initial price, in which case 12.9199 shares of Monsanto stock
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Initial price: | $77.40
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Protection price: | $38.70, 50% of $77.40
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Exchange ratio: | 12.9199
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Pricing date: | Feb. 24
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Settlement date: | Feb. 27
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Agent: | JPMorgan
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Fees: | 2%
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