Published on 6/29/2009 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $0.7 million 17.25% reverse convertibles linked to Wells Fargo
New York, June 29 - JPMorgan Chase & Co. priced $0.705 million of 17.25% reverse convertible notes due Dec. 31, 2009 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 $9.52, 60% of the initial price of $23.80, during the life of the notes and finish below the initial price in which case the payout will be 42.0168 shares of Wells Fargo stock.
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: | $0.705 million
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Maturity: | Dec. 31, 2009
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Coupon: | 17.25%, 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 $9.52, 60% of the initial price, and finish below the initial price, in which case 42.0168 shares of Wells Fargo stock
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Initial price: | $23.80
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Protection price: | $9.52, 60% of $23.80
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Exchange ratio: | 42.0168
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Pricing date: | June 25
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Settlement date: | June 30
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Agent: | JPMorgan
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Fees: | 5.1%
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