Published on 5/13/2010 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $0.8 million 64.25% reverse convertibles linked to TiVo
New York, May 13 - JPMorgan Chase & Co. priced $0.8 million of 64.25% reverse convertible notes due July 15, 2010 linked to TiVo Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless TiVo shares fall below the protection price of $12.66, 75% of the initial price of $16.88, during the life of the notes and finish below the initial price in which case the payout will be 59.2417 shares of TiVo stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | TiVo Inc. (Symbol: TIVO)
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Amount: | $0.8 million
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Maturity: | July 15, 2010
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Coupon: | 64.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless TiVo shares fall below the protection price of $12.66, 75% of the initial price, and finish below the initial price, in which case 59.2417 shares of TiVo stock
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Initial price: | $16.88
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Protection price: | $12.66, 75% of $16.88
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Exchange ratio: | 59.2417
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Pricing date: | May 11
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Settlement date: | May 14
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Agent: | JPMorgan
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Fees: | 1.75%, including 1% for selling concessions
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Cusip: | 48124AQS9
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