Published on 12/31/2008 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $273,000 23.5% reverse exchangeables linked to Garmin
By Angela McDaniels
Tacoma, Wash., Dec. 26 - JPMorgan Chase & Co. priced $273,000 of reverse exchangeable notes due June 30, 2008 linked to the common stock of Garmin Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes will pay 11.75% for an annualized rate of 23.5%. Interest is payable monthly.
The payout at maturity will be par unless Garmin stock falls by more than 30% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Garmin 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: | Garmin Ltd. (Symbol: GRMN)
|
Amount: | $273,000
|
Maturity: | June 30, 2008
|
Coupon: | 23.5%, payable monthly
|
Price: | Par
|
Payout at maturity: | If Garmin stock falls by more than the protection amount during the life of the notes and the final share price is less than the initial share price, 9.7561 Garmin shares or equivalent cash value; otherwise, par
|
Initial share price: | $102.50
|
Protection amount: | $30.75, 30% of initial share price
|
Pricing date: | Dec. 21
|
Settlement date: | Dec. 31
|
Agent: | J.P. Morgan Securities Inc.
|
Fees: | 4.71%, including 3.107% 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.