Published on 2/15/2012 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $133,000 14% reverse exchangeables on Bank of America
By Susanna Moon
Chicago, Feb. 15 - JPMorgan Chase & Co. priced $133,000 of 14% annualized reverse exchangeable notes due Aug. 17, 2012 linked to Bank of America Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Bank of America stock closes below the 75% trigger level 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 or, at the issuer's option, the cash equivalent.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
|
Issue: | Reverse exchangeable notes
|
Underlying stock: | Bank of America Corp. (Symbol: BAC)
|
Amount: | $133,000
|
Maturity: | Aug. 17, 2012
|
Coupon: | 14%, payable monthly
|
Price: | Par
|
Payout at maturity: | If stock ever falls by more than protection amount and the final share price is less than initial share price, a number of Bank of America shares equal to $1,000 divided by initial share price; otherwise, par
|
Initial share price: | $8.25
|
Protection amount: | $2.0625, or 25% of initial share price
|
Pricing date: | Feb. 13
|
Settlement date: | Feb. 16
|
Agent: | J.P. Morgan Securities LLC
|
Fees: | 3.25%, including 2.5% for selling concessions
|
Cusip: | 48125VML1
|
© 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.