Published on 7/31/2012 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $98,000 8.5% reverse convertibles linked to Schlumberger
New York, July 31 - JPMorgan Chase & Co. priced $98,000 of 8.5% reverse convertible notes due July 31, 2013 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 $58.368, 80% of the initial price of $72.96, during the life of the notes and finish below the initial price in which case the payout will be 13.7061 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: | $98,000
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Maturity: | July 31, 2013
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Coupon: | 8.5%, 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 $58.368, 80% of the initial price, and finish below the initial price, in which case 13.7061 shares of Schlumberger stock
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Initial price: | $72.96
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Protection price: | $58.368, 80% of $72.96
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Exchange ratio: | 13.7061
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Pricing date: | July 27
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Settlement date: | July 31
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Agent: | JPMorgan
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Fees: | 2.899%
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Cusip: | 48125VU24
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