Published on 5/27/2010 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $0.42 million 13.75% reverse convertibles linked to Baker Hughes
New York, May 27 - JPMorgan Chase & Co. priced $0.42 million of 13.75% reverse convertible notes due May 27, 2011 linked to Baker Hughes Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Baker Hughes shares fall below the protection price of $30.4725, 75% of the initial price of $40.63, during the life of the notes and finish below the initial price in which case the payout will be 24.6124 shares of Baker Hughes stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Baker Hughes Inc. (Symbol: BHI)
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Amount: | $0.42 million
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Maturity: | May 27, 2011
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Coupon: | 13.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Baker Hughes shares fall below the protection price of $30.4725, 75% of the initial price, and finish below the initial price, in which case 24.6124 shares of Baker Hughes stock
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Initial price: | $40.63
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Protection price: | $30.4725, 75% of $40.63
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Exchange ratio: | 24.6124
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Pricing date: | May 25
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Settlement date: | May 28
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Agent: | JPMorgan
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Cusip: | 48124APX9
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