Published on 5/25/2010 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $0.51 million 28.5% reverse convertibles linked to Zions
New York, May 25 - JPMorgan Chase & Co. priced $0.512 million of 28.5% reverse convertible notes due Aug. 26, 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 $15.47, 65% 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 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: | $0.512 million
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Maturity: | Aug. 26, 2010
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Coupon: | 28.5%, 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 $15.47, 65% of the initial price, and finish below the initial price, in which case 42.0168 shares of Zions stock
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Initial price: | $23.80
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Protection price: | $15.47, 65% of $23.80
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Exchange ratio: | 42.0168
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Pricing date: | May 21
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Settlement date: | May 26
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Agent: | JPMorgan
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Cusip: | 48124ARV1
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