Published on 1/30/2008 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $409,000 27.25% reverse exchangeables linked to DryShips
By Laura Lutz
Des Moines, Jan. 30 - JPMorgan Chase & Co. priced $409,000 of 27.25% annualized reverse exchangeable notes due April 30, 2008 linked to DryShips, Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be paid monthly.
If DryShips stock falls below 60% of the initial share price during the life of the notes and finishes below the initial share price, the payout will be a number of DryShips shares equal to par divided by the initial share price.
Otherwise, the payout will be par.
J.P. Morgan Securities Inc. is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Reverse exchangeable notes
|
| Underlying stock: | DryShips, Inc. (Symbol: DRYS)
|
| Amount: | $409,000
|
| Maturity: | April 30, 2008
|
| Coupon: | 27.25%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If DryShips stock falls below protection price during the life of the notes and finishes below the initial share price, a number of shares equal to par divided by the initial price; otherwise, par
|
| Initial price: | $59.29
|
| Protection price: | 60% of the initial price
|
| Pricing date: | Jan. 28
|
| Settlement date: | Jan. 30
|
| Agent: | J.P. Morgan Securities Inc.
|
| Fees: | 1.25%, all for selling concessions
|
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