Published on 5/2/2011 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.8 million 20.125% reverse convertibles linked to OmniVision Technologies
New York, May 2 - JPMorgan Chase & Co. priced $1.8 million of 20.125% reverse convertible notes due Nov. 3, 2011 linked to OmniVision Technologies, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless OmniVision Technologies shares fall below the protection price of $23.408, 70% of the initial price of $33.44, during the life of the notes and finish below the initial price in which case the payout will be 29.9043 shares of OmniVision Technologies stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | OmniVision Technologies, Inc. (Symbol: OVTI)
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Amount: | $1.8 million
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Maturity: | Nov. 3, 2011
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Coupon: | 20.125%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless OmniVision Technologies shares fall below the protection price of $23.408, 70% of the initial price, and finish below the initial price, in which case 29.9043 shares of OmniVision Technologies stock
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Initial price: | $33.44
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Protection price: | $23.408, 70% of $33.44
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Exchange ratio: | 29.9043
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Pricing date: | April 28
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Settlement date: | May 3
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Agent: | JPMorgan
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Fees: | 2.788%, including 2.188% for selling concessions
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Cusip: | 48125XPD2
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