Published on 2/15/2011 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.4 million single observation reverse exchangeables on Freeport-McMoRan
By Jennifer Chiou
New York, Feb. 15 - JPMorgan Chase & Co. priced $1.4 million of 10.25% upside autocallable single observation reverse exchangeable notes due Feb. 16, 2012 linked to the common stock of Freeport-McMoRan Copper & Gold Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called if the closing share price on any of the four call dates is greater than the initial price.
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 Freeport-McMoRan 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 LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Upside autocallable single observation reverse exchangeable notes
|
| Underlying stock: | Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
|
| Amount: | $1,401,000
|
| Maturity: | Feb. 16, 2012
|
| Coupon: | 10.25% per year, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If final price of Freeport-McMoRan stock has declined from initial price by more than protection amount, a number of Freeport-McMoRan 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 if shares close above initial price on any of the call dates, May 11, Aug. 11, Nov. 10, 2011 and Feb. 13, 2012
|
| Initial share price: | $53.52
|
| Protection amount: | $13.38, 25% of initial price
|
| Pricing date: | Feb. 11
|
| Settlement date: | Feb. 16
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 3.7%
|
| Cusip: | 48125XDG8
|
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