Published on 9/30/2011 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $245,000 12.5% reverse convertibles linked to Schlumberger
New York, Sept. 30 - JPMorgan Chase & Co. priced $245,000 of 12.5% reverse convertible notes due March 30, 2012 linked to Schlumberger N.V. (Schlumberger Ltd.) shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Schlumberger shares fall below the protection price of $48.264, 80% of the initial price of $60.33, during the life of the notes and finish below the initial price in which case the payout will be 16.5755 shares of Schlumberger stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Schlumberger N.V. (Schlumberger Ltd.) (Symbol: SLB)
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Amount: | $245,000
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Maturity: | March 30, 2012
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Coupon: | 12.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Schlumberger shares fall below the protection price of $48.264, 80% of the initial price, and finish below the initial price, in which case 16.5755 shares of Schlumberger stock
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Initial price: | $60.33
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Protection price: | $48.264, 80% of $60.33
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Exchange ratio: | 16.5755
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Pricing date: | Sept. 28
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Settlement date: | Sept. 30
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Agent: | JPMorgan
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Cusip: | 48125X3F1
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