Published on 10/30/2006 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $697,000 9% reverse convertibles linked to Exxon
By Laura Lutz
Des Moines, Oct. 30 - JPMorgan Chase & Co. priced $697,000 of 9% reverse exchangeable notes due April 30, 2007 linked to Exxon Mobil Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Exxon stock stays at or above the protection price, 90% of the initial price of $71.62, between Oct. 26, 2006 and April 25, 2007, and finishes at or above the initial price.
Otherwise, the payout will be in Exxon stock, with the number of shares equal to $1,000 divided by the initial share price.
Issuer: | JPMorgan Chase & Co.
|
Issue: | Reverse convertible notes
|
Underlying stock: | Exxon Mobil Corp.
|
Amount: | $697,000
|
Maturity: | April 30, 2007
|
Coupon: | 9%, payable monthly
|
Price: | Par
|
Payout at maturity: | Par in cash if Exxon stock stays at or above the protection price of $64.46 and finishes at or above the initial price; otherwise shares of Exxon stock equal to $1,000 divided by the initial price
|
Initial price: | $71.62
|
Protection price: | $64.46, 90% of $71.62
|
Pricing date: | Oct. 26
|
Settlement date: | Oct. 31
|
Agent: | J.P. Morgan Securities Inc.
|
Agent fee: | 2.3%
|
© 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.