Published on 1/16/2009 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $0.154 million 14% reverse convertibles linked to Monsanto
New York, Jan. 16 - JPMorgan Chase & Co. priced $0.154 million of 14% reverse convertible notes due July 20, 2009 linked to Monsanto Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Monsanto shares fall below the protection price of $31.376, 40% of the initial price of $78.44, during the life of the notes and finish below the initial price in which case the payout will be 12.7486 shares of Monsanto stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Monsanto Co. (Symbol: MON)
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Amount: | $0.154 million
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Maturity: | July 20, 2009
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Coupon: | 14%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Monsanto shares fall below the protection price of $31.376, 40% of the initial price, and finish below the initial price, in which case 12.7486 shares of Monsanto stock
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Initial price: | $78.44
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Protection price: | $31.376, 40% of $78.44
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Exchange ratio: | 12.7486
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Pricing date: | Jan. 15
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Settlement date: | Jan. 20
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Agent: | JPMorgan
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Fees: | 3.75%
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