Published on 6/19/2012 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.76 million 11.75% reverse convertibles linked to Apple
New York, June 19 - JPMorgan Chase & Co. priced $1.757 million of 11.75% reverse convertible notes due Dec. 20, 2012 linked to Apple Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Apple shares fall below the protection price of $459.304, 80% of the initial price of $574.13, during the life of the notes and finish below the initial price in which case the payout will be 1.7418 shares of Apple stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Apple Inc. (Symbol: AAPL)
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Amount: | $1.757 million
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Maturity: | Dec. 20, 2012
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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 Apple shares fall below the protection price of $459.304, 80% of the initial price, and finish below the initial price, in which case 1.7418 shares of Apple stock
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Initial price: | $574.13
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Protection price: | $459.304, 80% of $574.13
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Exchange ratio: | 1.7418
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Pricing date: | June 15
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Settlement date: | June 20
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Agent: | JPMorgan
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Fees: | 2.077%
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Cusip: | 48125VD56
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