Published on 10/20/2010 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.5 million 13.15% reverse convertibles linked to General Electric
New York, Oct. 20 - JPMorgan Chase & Co. priced $1.5 million of 13.15% reverse convertible notes due April 21, 2011 linked to General Electric Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless General Electric shares fall below the protection price of $13, 80% of the initial price of $16.25, during the life of the notes and finish below the initial price in which case the payout will be 61.5385 shares of General Electric stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | General Electric Co. (Symbol: GE)
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Amount: | $1.5 million
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Maturity: | April 21, 2011
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Coupon: | 13.15%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless General Electric shares fall below the protection price of $13, 80% of the initial price, and finish below the initial price, in which case 61.5385 shares of General Electric stock
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Initial price: | $16.25
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Protection price: | $13, 80% of $16.25
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Exchange ratio: | 61.5385
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Pricing date: | Oct. 18
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Settlement date: | Oct. 21
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Agent: | JPMorgan
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Fees: | 1%, including 0.5% for selling concessions
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Cusip: | 48124AT56
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