JPMorgan to price 18% autocallable reverse exchangeables linked to Wachovia

By E. Janene Geiss

Philadelphia, April 7 - JPMorgan Chase & Co. plans to price 18% annualized autocallable reverse exchangeable notes due Oct. 31, 2008 linked to the common stock of Wachovia Corp., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The notes will be called at par plus accrued interest if the closing price of Wachovia stock on July 28, 2008 is greater than the initial share price.

If the notes are not called, the payout at maturity will be par unless Wachovia stock falls by more than the protection amount during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Wachovia shares equal to $1,000 divided by the initial share price. The protection amount is expected to be 40%.

The notes will price April 25 and settle April 30.

J.P. Morgan Securities Inc. will be the agent.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.