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JPMorgan to price 15% reverse exchangeables linked to Bank of America
By Jennifer Chiou
New York, March 27 - JPMorgan Chase & Co. plans to price 15% annualized reverse exchangeable notes due July 9, 2008 linked to the common stock of Bank of America Corp., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
Investors will receive par unless Bank of America stock falls below 80% of the initial share price during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Bank of America shares equal to $1,000 divided by the initial share price.
The notes are expected to price on April 4 and settle on April 9.
J.P. Morgan Securities Inc. will be the agent.
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