Published on 9/27/2007 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $2.01 million 10% reverse exchangeables linked to AT&T
By Jennifer Chiou
New York, Sept. 27 - JPMorgan Chase & Co. priced a $2.01 million issue of 10% reverse exchangeable notes due Sept. 29, 2008 linked to AT&T Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be paid monthly.
If AT&T stock falls below 80% of the initial share price during the life of the notes and finishes below the initial share price, the payout will be a number of AT&T shares equal to $1,000 divided by the initial share price. Otherwise, the payout will be par.
J.P. Morgan Securities Inc. is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse exchangeable notes
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Underlying stock: | AT&T Inc. (Symbol: T)
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Amount: | $2,007,000
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Maturity: | Sept. 29, 2008
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Coupon: | 10%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless AT&T stock falls below $34.056 during the life of the notes and finishes below the initial share price, in which case payout will be a number of shares equal to $1,000 divided by the initial price
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Initial share price: | $42.57
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Protection price: | $34.056, 80% of the initial share price
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Pricing date: | Sept. 25
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Settlement date: | Sept. 28
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Agent: | J.P. Morgan Securities Inc.
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Fees: | 2.88%, including 2.44% for selling concessions
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