JPMorgan to price 25% reverse exchangeables linked to Target

By Jennifer Chiou

New York, Dec. 5 - JPMorgan Chase & Co. plans to price 25% annualized reverse exchangeable notes due June 17, 2009 linked to the common stock of Target Corp., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless Target stock falls by more than 50% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Target shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, a cash amount equal to the value of those shares.

The notes are expected to price on Dec. 12 and settle on Dec. 17.

J.P. Morgan Securities Inc. is the agent.

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