Published on 7/30/2008 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $622,000 19% reverse exchangeables linked to United States Steel
By Jennifer Chiou
New York, July 30 - JPMorgan Chase & Co. priced $622,000 of 19% annualized reverse exchangeable notes due Oct. 31, 2008 linked to the common stock of United States Steel Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless United States Steel stock falls by more than 30% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of United States Steel shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent cash value.
J.P. Morgan Securities Inc. is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse exchangeable notes
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Underlying stock: | United States Steel Corp. (Symbol: X)
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Amount: | $622,000
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Maturity: | Oct. 31, 2008
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Coupon: | 19%, payable monthly
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Price: | Par
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Payout at maturity: | If United States Steel stock falls by more than the protection amount during the life of the notes and finishes below the initial share price, United States Steel shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent cash value; otherwise, par
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Initial share price: | $145.33
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Protection amount: | $43.599, 30% of initial price
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Pricing date: | July 28
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Settlement date: | July 31
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Agent: | J.P. Morgan Securities Inc.
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Fees: | 5.998%, including 2.9% for selling concessions
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