Published on 12/31/2009 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $0.16 million 11% reverse convertibles linked to Wells Fargo
New York, Dec. 30 - JPMorgan Chase & Co. priced $0.156 million of 11% reverse convertible notes due July 1, 2010 linked to Wells Fargo & Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Wells Fargo shares fall below the protection price of $20.0625, 75% of the initial price of $26.75, during the life of the notes and finish below the initial price in which case the payout will be Wells Fargo shares equal to $1,000 principal amount divided by the initial price.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Wells Fargo & Co. (Symbol: WFC)
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Amount: | $0.156 million
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Maturity: | July 1, 2010
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Coupon: | 11%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Wells Fargo shares fall below the protection price of $20.0625, 75% of the initial price, and finish below the initial price, in which case Wells Fargo shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $26.75
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Protection price: | $20.0625, 75% of $26.75
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Pricing date: | Dec. 28
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Settlement date: | Dec. 31
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Agent: | JPMorgan
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Fees: | 2.25%
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