By Laura Lutz
Des Moines, Feb. 26 - JPMorgan Chase & Co. priced $1.42 million of 20% reverse exchangeable notes due Aug. 29, 2008 linked to the least-performing common stock of four financial companies, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the common stock of Bank of America Corp.; Citigroup Inc.; Goldman Sachs Group, Inc.; and Merrill Lynch & Co., Inc.
The payout at maturity will be par if every basket stock stays at or above 80% of its initial level during the life of the notes, or if every basket stock finishes at or above its initial level.
Otherwise, the payout will be a number of shares of the worst-performing stock equal to par divided by the initial price of that stock, or the equivalent in cash.
The protection price for each stock will be 80% of its initial share price.
J.P. Morgan Securities Inc. is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Reverse exchangeable notes
|
| Underlying stocks: | Common stocks of Bank of America Corp.; Citigroup Inc.; Goldman Sachs Group, Inc.; and Merrill Lynch & Co., Inc.
|
| Amount: | $1,424,000
|
| Maturity: | Aug. 29, 2008
|
| Coupon: | 20%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par if every reference stock stays at or above 80% of its initial price or if every stock finishes at or above initial level; otherwise, a number of shares of the worst-performing stock equal to par divided by that stock's initial share price, or equivalent in cash
|
| Protection levels: | 80% of initial levels
|
| Pricing date: | Feb. 25
|
| Settlement date: | Feb. 29
|
| Agent: | J.P. Morgan Securities Inc.
|
| Fees: | 3.15% including 2.35% for selling concessions
|
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