New Issue: JPMorgan prices $1.52 million 11.5% reverse exchangeables linked to Deere

By Angela McDaniels

Tacoma, Wash., May 29 - JPMorgan Chase & Co. priced $1.52 million of reverse exchangeable notes due Aug. 29, 2008 linked to the common stock of Deere & Co., according to a 424B2 filing with the Securities and Exchange Commission.

The three-month notes will pay 5.75% for an annualized coupon of 11.5%. Interest is payable monthly.

The payout at maturity will be par unless Deere stock falls by more than 25% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Deere shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, an equivalent amount in cash.

J.P. Morgan Securities Inc. is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Deere & Co. (Symbol: DE)
Amount:	$1,517,000
Maturity:	Aug. 29, 2008
Coupon:	11.5%, payable monthly
Price:	Par
Payout at maturity:	If Deere stock declines by more than the protection amount during the life of the notes and the final share price is less than the initial share price, 12.5219 Deere shares or the equivalent cash amount; otherwise, par
Initial share price:	$79.86
Protection amount:	$19.965, 25% of initial share price
Pricing date:	May 27
Settlement date:	May 30
Agent:	J.P. Morgan Securities Inc.
Fees:	3.155%, including 1.883% 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.