Published on 1/30/2007 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $720,000 13.35% reverse exchangeables linked to Arch Coal
By Angela McDaniels
Seattle, Jan. 30 - JPMorgan Chase & Co. priced a $720,000 offering of 13.35% reverse exchangeable notes due Jan. 30, 2008 linked to the common stock of Arch Coal, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Arch Coal stock falls by more than 30% during the life of the notes and finishes below the initial share price of $29.31, in which case the payout will be a number of Arch Coal shares equal to $1,000 divided by the initial share price.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse exchangeable notes
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Underlying stock: | Arch Coal, Inc.
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Amount: | $720,000
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Maturity: | Jan. 30, 2008
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Coupon: | 13.35%, payable monthly
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Price: | 100
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Payout at maturity: | Par unless Arch Coal stock falls by more than 30% during the life of the notes and finishes below the initial share price, in which case payout will be 34.11805 Arch Coal shares
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Initial share price: | $29.31
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Pricing date: | Jan. 26
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Settlement date: | Jan. 31
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Agent: | J.P. Morgan Securities Inc.
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Agent fees: | 3.1%, including 2.55% for selling commissions
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