New Issue: JPMorgan prices $460,000 15% reverse exchangeables linked to Simon Property

By Jennifer Chiou

New York, Jan. 30 - JPMorgan Chase & Co. priced $460,000 of 15% annualized reverse exchangeable notes due July 31, 2008 linked to Simon Property Group, Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

If Simon Property stock falls below 75% of the initial share price during the life of the notes and finishes below the initial share price, the payout will be a number of Simon Property shares equal to par divided by the initial share price.

Otherwise, the payout will be par.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Simon Property Group, Inc. (Symbol: SPG)
Amount:	$460,000
Maturity:	July 31, 2008
Coupon:	15%, payable monthly
Price:	Par
Payout at maturity:	Par unless Simon Property stock falls below $66.435 during the life of the notes and finishes below the initial share price; otherwise, a number of shares equal to par divided by the initial price
Initial price:	$88.58
Protection price:	$66.435, 75% of the initial share price
Pricing date:	Jan. 28
Settlement date:	Jan. 31
Agent:	J.P. Morgan Securities Inc.
Fees:	5.1%, including about 3.3% for selling concessions

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