Published on 9/13/2010 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $2.04 million 9.5% reverse convertibles linked to Occidental Petroleum
New York, Sept. 13 - JPMorgan Chase & Co. priced $2.042 million of 9.5% reverse convertible notes due March 14, 2011 linked to Occidental Petroleum Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Occidental Petroleum shares fall below the protection price of $54.299, 70% of the initial price of $77.57, during the life of the notes and finish below the initial price in which case the payout will be 12.8916 shares of Occidental Petroleum stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Occidental Petroleum Corp. (Symbol: OXY)
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Amount: | $2.042 million
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Maturity: | March 14, 2011
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Coupon: | 9.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Occidental Petroleum shares fall below the protection price of $54.299, 70% of the initial price, and finish below the initial price, in which case 12.8916 shares of Occidental Petroleum stock
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Initial price: | $77.57
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Protection price: | $54.299, 70% of $77.57
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Exchange ratio: | 12.8916
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Pricing date: | Sept. 9
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Settlement date: | Sept. 14
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Agent: | JPMorgan
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Fees: | 1.11%
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Cusip: | 48124AA31
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