Published on 12/15/2010 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $400,000 10% upside auto callable reverse exchangeables on Whirlpool
By Jennifer Chiou
New York, Dec. 15 - JPMorgan Chase & Co. priced $400,000 of 10% upside auto callable reverse exchangeable notes due Dec. 16, 2011 linked to the common stock of Whirlpool Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if Whirlpool stock closes above the initial share price on any of the four call dates: March 11, 2011, June 16, 2011, Sept. 16, 2011 and Dec. 16, 2011.
If the notes are not called, the payout at maturity will be par unless Whirlpool stock closes below 65% of its initial price during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of Whirlpool 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.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Upside auto callable reverse exchangeable notes
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| Underlying stock: | Whirlpool Corp. (Symbol: WHR)
|
| Amount: | $400,000
|
| Maturity: | Dec. 16, 2011
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| Coupon: | 10%, payable monthly
|
| Price: | Par
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| Payout at maturity: | If Whirlpool stock closes below initial price by more than protection amount during life of notes and finishes below initial price, Whirlpool 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; otherwise, par
|
| Call: | At par if Whirlpool stock closes above initial share price on any of the four call dates
|
| Initial share price: | $85.58
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| Protection amount: | $29.953, 35% of initial share price
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| Pricing date: | Dec. 13
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| Settlement date: | Dec. 16
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 3.85%, including 2.35% for selling concessions
|
| Cusip: | 48124A5N3
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