Published on 11/8/2010 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $3.5 million 10% callable reverse exchangeables linked to Halliburton
By Marisa Wong
Madison, Wis., Nov. 8 - JPMorgan Chase & Co. priced $3.5 million of 10% upside auto callable single observation reverse exchangeable notes due Nov. 9, 2011 linked to the common stock of Halliburton Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be called at par if Halliburton stock closes above the initial share price on Feb. 4, May 4, Aug.4, 2011 or Nov.4, 2011.
The payout at maturity will be par unless the final share price is less than 70% of the initial share price, in which case the payout will be a number of Halliburton shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, a cash amount equal to the value of those shares.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Upside auto callable single observation reverse exchangeable notes
|
| Underlying stock: | Halliburton Co. (NYSE: HAL)
|
| Amount: | $3.5 million
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| Maturity: | Nov. 9, 2011
|
| Coupon: | 10%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If final price of Halliburton stock has declined from initial price by more than protection amount, a number of Halliburton shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, an equivalent amount in cash; otherwise, par
|
| Call: | Automatically at par if Halliburton stock closes above initial share price on Feb. 4, May 4, Aug.4, 2011 or Nov.4, 2011
|
| Initial share price: | $32.85
|
| Protection amount: | $9.855, 30% of initial price
|
| Pricing date: | Nov. 4
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| Settlement date: | Nov. 9
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| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 3.157%, including 3.129% for selling concessions
|
| Cusip: | 48124AW94
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