JPMorgan plans to price 14% reverse exchangeables linked to Nordstrom

By Angela McDaniels

Tacoma, Wash., June 15 - JPMorgan Chase & Co. plans to price reverse exchangeable notes due Sept. 30, 2009 linked to the common stock of Nordstrom, Inc., according to an FWP filing with the Securities and Exchange Commission.

The three-month notes will pay 3.5% for an annualized coupon of 14%. Interest will be payable monthly.

The payout at maturity will be par unless Nordstrom stock falls by more than 35% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Nordstrom shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the value of those shares in cash.

The notes are expected to price June 25 and settle June 30.

J.P. Morgan Securities Inc. is the agent.

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