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JPMorgan to price 15% reverse exchangeables linked to Yahoo!
By E. Janene Geiss
Philadelphia, Nov. 6 - JPMorgan Chase & Co. plans to price an issue of reverse exchangeable notes due Feb. 29, 2008 linked to Yahoo! Inc. stock, according to an FWP filing with the Securities and Exchange Commission.
The three-month notes will pay 3.75% for an annualized rate of 15%. Interest will be payable monthly.
The payout at maturity will be par unless the stock falls by more than the knock-in price - 80% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Yahoo! shares equal to $1,000 divided by the initial share price.
The notes will price on Nov. 27 and settle on Nov. 30.
J.P. Morgan Securities Inc. will be the agent.
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