Published on 6/22/2007 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.453 million 13% reverse exchangeables linked to Yahoo!
By Jennifer Chiou
New York, June 22 - JPMorgan Chase & Co. priced a $1.453 million issue of 13% annualized reverse exchangeable notes due Dec. 27, 2007 linked to the common stock of Yahoo! Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Yahoo! stock falls by more than 20% 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 or, at JPMorgan's option, the equivalent cash value.
J.P. Morgan Securities Inc. is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse exchangeable notes
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Underlying stock: | Yahoo! Inc.
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Amount: | $1.453 million
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Maturity: | Dec. 27, 2007
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Coupon: | 13% annualized, payable monthly
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Price: | Par
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Payout at maturity: | If Yahoo! stock falls by more than the protection amount during the life of the notes and finishes below the initial share price, a number of Yahoo! shares equal to $1,000 divided by the initial price or the equivalent cash value; otherwise, par
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Initial share price: | $27.67
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Protection amount: | $5.534, 20% of initial share price
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Pricing date: | June 21
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Settlement date: | June 26
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Agent: | J.P. Morgan Securities Inc.
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Fees: | 2.24%, including 1.62% for selling concessions
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