Published on 9/21/2010 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $577,000 10% single observation reverse exchangeables on Wells Fargo
By Marisa Wong
Madison, Wis., Sept. 21 - JPMorgan Chase & Co. priced $577,000 of 10% upside auto callable single observation reverse exchangeable notes due Sept. 22, 2011 linked to the common stock of Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be called at par if Wells Fargo stock closes above the initial share price on Dec. 17, March 17, June 22, 2011 or Sept. 19, 2011.
The payout at maturity will be par unless the final share price is less than 75% of the initial share price, in which case the payout will be a number of Wells Fargo shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, a cash amount equal to the value of those shares.
J.P. Morgan Securities Inc. is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Upside auto callable reverse exchangeable notes
|
| Underlying stock: | Wells Fargo & Co. (Symbol: WFC)
|
| Amount: | $577,000
|
| Maturity: | Sept. 22, 2011
|
| Coupon: | 10%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If final price of Wells Fargo stock has declined from initial price by more than protection amount, a number of Wells Fargo shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, an equivalent amount in cash; otherwise, par
|
| Call: | Automatically at par if Wells Fargo stock closes above initial share price on Dec. 17, March 17, June 22, 2011 or Sept. 19, 2011
|
| Initial share price: | $25.98
|
| Protection amount: | $6.495, 25% of initial price
|
| Pricing date: | Sept. 17
|
| Settlement date: | Sept. 22
|
| Agent: | J.P. Morgan Securities Inc.
|
| Fees: | 3.25%, including 2.375% for selling concessions
|
| Cusip: | 48124AG68
|
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