Published on 11/29/2007 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $680,000 24.6% reverse exchangeables linked to CIT
By Jennifer Chiou
New York, Nov. 29 - JPMorgan Chase & Co. priced $680,000 of 24.6% annualized reverse exchangeable notes due May 30, 2008 linked to the common stock of CIT Group Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless CIT stock falls by more than 40% during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of CIT 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.
|
Issue: | Reverse exchangeable notes
|
Underlying stock: | CIT Group Inc. (Symbol: CIT)
|
Amount: | $680,000
|
Maturity: | May 30, 2008
|
Coupon: | 24.6% annualized, payable monthly
|
Price: | Par
|
Payout at maturity: | If CIT stock falls by more than the protection amount during the life of the notes and finishes below the initial share price, CIT shares equal to $1,000 divided by the initial share price; otherwise, par
|
Initial share price: | $24.47
|
Protection amount: | $9.788, 40% of initial share price
|
Pricing date: | Nov. 27
|
Settlement date: | Nov. 30
|
Agent: | J.P. Morgan Securities Inc.
|
Fees: | 6%, including 3.75% for selling concessions
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.