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JPMorgan plans reverse exchangeables linked to least-performing stock in Dow Jones Industrial Average
By Laura Lutz
Des Moines, Feb. 13 - JPMorgan Chase & Co. plans to price an issue of reverse exchangeable notes due Feb. 27, 2009 linked to the least-performing stock in the Dow Jones Industrial Average, according to an FWP filing with the Securities and Exchange Commission.
The reference stocks will be the common stocks in the Dow Jones Industrial Average, except for the common stock of JPMorgan Chase.
The coupon will be at least 34.9% per year. Interest will be payable monthly.
If any reference stock falls below 50% of its initial level during the life of the notes and at least one stock finishes below its initial level, the payout at maturity will be shares of the least-performing stock equal to par divided by the final price, or the equivalent in cash.
Otherwise, the payout will be par.
The notes will price on Feb. 26 and settle on Feb. 28.
J.P. Morgan Securities Inc. will be the agent.
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