Published on 10/30/2007 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $660,000 13.25% reverse exchangeables linked to Office Depot
By Laura Lutz
Des Moines, Oct. 30 - JPMorgan Chase & Co. priced $660,000 of 13.25% reverse exchangeable notes due April 30, 2008 linked to Office Depot, Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If Office Depot stock falls below 75% of the initial share price during the life of the notes and finishes below the initial share price, the payout will be a number of Office Depot shares equal to $1,000 divided by the initial share price.
Otherwise, the payout will be par.
J.P. Morgan Securities Inc. is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse exchangeable notes
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Underlying stock: | Office Depot, Inc. (Symbol: ODP)
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Amount: | $660,000
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Maturity: | April 30, 2008
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Coupon: | 13.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless Office Depot stock falls below $15.2175 during the life of the notes and finishes below the initial share price, in which case payout will be a number of shares equal to $1,000 divided by the initial price
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Initial share price: | $20.29
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Protection amount: | $15.2175, 75% of the initial share price
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Pricing date: | Oct. 26
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Settlement date: | Oct. 31
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Agent: | J.P. Morgan Securities Inc.
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Fees: | 5.995%, including 3.748% for selling concessions
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