By Jennifer Chiou
New York, Feb. 28 - JPMorgan Chase & Co. priced a $269,000 issue of 14% annualized upside auto callable reverse exchangeable notes due Aug. 29, 2008 linked to the common stock of EMC Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If the price of EMC stock is greater than the initial price on May 27, 2008, the notes will be called at par plus accrued interest.
If EMC stock falls below the knock-in price - 70% of the initial value - during the life of the notes and finishes below its initial price, the payout at maturity will be a number of EMC shares equal to par divided by the initial price.
Otherwise, the payout at maturity will be par.
J.P. Morgan Securities Inc. is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Upside auto callable reverse exchangeable notes
|
| Underlying stock: | EMC Corp. (Symbol: EMC)
|
| Amount: | $269,000
|
| Maturity: | Aug. 29, 2008
|
| Coupon: | 14%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If EMC stock falls below protection price during life of notes and finishes below initial price, a number of shares equal to par divided by the initial price; otherwise, par
|
| Call: | At par plus accrued interest if EMC stock is above initial price on May 27, 2008
|
| Initial price: | $16.03
|
| Protection price: | 70% of initial price
|
| Pricing date: | Feb. 26
|
| Settlement date: | Feb. 29
|
| Agent: | J.P. Morgan Securities Inc.
|
| Fees: | 2.45%, including 1.975% for selling concessions
|
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