Published on 5/7/2010 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $0.47 million 34% reverse convertibles linked to Zions
New York, May 7 - JPMorgan Chase & Co. priced $0.475 million of 34% reverse convertible notes due Aug. 10, 2010 linked to Zions Bancorporation shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Zions shares fall below the protection price of $20.895, 75% of the initial price of $27.86, during the life of the notes and finish below the initial price in which case the payout will be 35.8938 shares of Zions stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Zions Bancorporation (Symbol: ZION)
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Amount: | $0.475 million
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Maturity: | Aug. 10, 2010
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Coupon: | 34%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Zions shares fall below the protection price of $20.895, 75% of the initial price, and finish below the initial price, in which case 35.8938 shares of Zions stock
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Initial price: | $27.86
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Protection price: | $20.895, 75% of $27.86
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Exchange ratio: | 35.8938
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Pricing date: | May 5
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Settlement date: | May 10
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Agent: | JPMorgan
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Fees: | 2.05%
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