Published on 10/1/2012 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $65,000 9.5% reverse convertibles linked to Bank of America
New York, Oct. 1 - JPMorgan Chase & Co. priced $65,000 of 9.5% reverse convertible notes due March 28, 2013 linked to Bank of America Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Bank of America shares fall below the protection price of $7.056, 80% of the initial price of $8.82, during the life of the notes and finish below the initial price in which case the payout will be 113.3787 shares of Bank of America stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Bank of America Corp. (Symbol: BAC)
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Amount: | $65,000
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Maturity: | March 28, 2013
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Coupon: | 9.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Bank of America shares fall below the protection price of $7.056, 80% of the initial price, and finish below the initial price, in which case 113.3787 shares of Bank of America stock
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Initial price: | $8.82
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Protection price: | $7.056, 80% of $8.82
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Exchange ratio: | 113.3787
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Pricing date: | Sept. 26
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Settlement date: | Sept. 28
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Agent: | JPMorgan
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Fees: | 2.125%
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Cusip: | 48125V6X3
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