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JPMorgan to price 13% reverse exchangeables linked to Oracle
By E. Janene Geiss
Philadelphia, Nov. 15 - JPMorgan Chase & Co. plans to price an issue of reverse exchangeable notes due May 30, 2008 linked to Oracle Corp. stock, according to an FWP filing with the Securities and Exchange Commission.
The six-month notes will pay 6.5% for an annualized rate of 13%. Interest will be payable monthly.
The payout at maturity will be par unless the stock falls by more than the protection amount - 25% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Oracle shares equal to $1,000 divided by the initial share price.
The notes will price on Nov. 27 and settle on Nov. 30.
J.P. Morgan Securities Inc. will be the agent.
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