Published on 12/2/2010 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $2 million single observation reverse exchangeables tied to American Express
By Angela McDaniels
Tacoma, Wash., Dec. 2 - JPMorgan Chase & Co. priced $2 million of 6% single observation reverse exchangeable notes due Dec. 9, 2011 linked to the common stock of American Express Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable semiannually.
The payout at maturity will be par unless the final share price is less than 60% of the initial share price, in which case the payout will be a cash amount equal to $1,000 divided by the final share price.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Single observation reverse exchangeable notes
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Underlying stock: | American Express Co. (NYSE: AXP)
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Amount: | $2 million
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Maturity: | Dec. 9, 2011
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Coupon: | 6%, payable semiannually
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Price: | Par
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Payout at maturity: | If final price of American Express stock has declined from initial price by more than protection amount, cash amount equal to $1,000 divided by final share price; otherwise, par
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Initial share price: | $43.22
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Protection amount: | $17.288, 40% of initial price
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Pricing date: | Nov. 30
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Settlement date: | Dec. 3
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Agent: | J.P. Morgan Securities LLC
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Fees: | 0.85%
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Cusip: | 48124A4H7
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