New Issue: JPMorgan prices $14,000 16% reverse exchangeables linked to Baidu.com

By Jennifer Chiou

New York, March 27 - JPMorgan Chase & Co. priced a $14,000 offering of reverse exchangeable notes due Sept. 28, 2007 linked to American Depositary Shares representing the class A ordinary shares of Baidu.com, Inc., according to an FWP filing with the Securities and Exchange Commission.

The six-month notes will pay 8% for an annualized rate of 16%. Interest will be payable monthly.

The payout at maturity will be par unless Baidu.com ADRs fall by more than 20% during the life of the notes and finish below the initial share price, in which case the payout will be a number of Baidu.com ADRs equal to $1,000 divided by the initial share price.

J.P. Morgan Securities Inc. is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying security:	American Depositary Shares representing Baidu.com, Inc. class A shares
Amount:	$14,000
Maturity:	Sept. 28, 2007
Coupon:	8%, 16% annualized
Price:	Par
Payout at maturity:	Par unless Baidu.com ADRs fall by more than 20% during the life of the notes and finishes below the initial share price, in which case payout will be 9.7475 Baidu.com ADRs
Initial price:	$102.59
Protection amount:	$20.52, 20% of the initial price
Pricing date:	March 23
Settlement date:	March 28
Agent:	J.P. Morgan Securities Inc.
Fees:	3.78%, including 2.64% for selling concessions

© 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.