Published on 5/27/2010 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $2.32 million 11.75% reverse convertibles linked to General Electric
New York, May 27 - JPMorgan Chase & Co. priced $2.323 million of 11.75% reverse convertible notes due Nov. 30, 2010 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 $11.165, 70% of the initial price of $15.95, during the life of the notes and finish below the initial price in which case the payout will be 62.6959 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: | $2.323 million
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Maturity: | Nov. 30, 2010
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Coupon: | 11.75%, 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 $11.165, 70% of the initial price, and finish below the initial price, in which case 62.6959 shares of General Electric stock
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Initial price: | $15.95
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Protection price: | $11.165, 70% of $15.95
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Exchange ratio: | 62.6959
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Pricing date: | May 25
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Settlement date: | May 28
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Agent: | JPMorgan
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Fees: | 5.292%, including % for selling concessions
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Cusip: | 48124ARM1
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