Published on 10/7/2010 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $994,000 16.75% reverse convertibles linked to U.S. Steel
New York, Oct. 7 - JPMorgan Chase & Co. priced $994,000 of 16.75% reverse convertible notes due Jan. 10, 2011 linked to U.S. Steel Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless U.S. Steel shares fall below the protection price of $34.4, 80% of the initial price of $43.00, during the life of the notes and finish below the initial price in which case the payout will be 23.2558 shares of U.S. Steel stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | U.S. Steel Corp. (Symbol: X)
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Amount: | $994,000
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Maturity: | Jan. 10, 2011
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Coupon: | 16.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless U.S. Steel shares fall below the protection price of $34.4, 80% of the initial price, and finish below the initial price, in which case 23.2558 shares of U.S. Steel stock
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Initial price: | $43.00
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Protection price: | $34.4, 80% of $43.00
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Exchange ratio: | 23.2558
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Pricing date: | Oct. 5
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Settlement date: | Oct. 8
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Agent: | JPMorgan
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Fees: | 3.425%
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Cusip: | 48124AP35
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