Published on 1/28/2010 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $0.11 million 13% reverse convertibles linked to Alcoa
New York, Jan. 28 - JPMorgan Chase & Co. priced $0.114 million of 13% reverse convertible notes due July 29, 2010 linked to Alcoa Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Alcoa shares fall below the protection price of $10.832, 80% of the initial price of $13.54, during the life of the notes and finish below the initial price in which case the payout will be 73.8552 shares of Alcoa stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Alcoa Inc. (Symbol: AA)
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Amount: | $0.114 million
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Maturity: | July 29, 2010
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Coupon: | 13%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Alcoa shares fall below the protection price of $10.832, 80% of the initial price, and finish below the initial price, in which case 73.8552 shares of Alcoa stock
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Initial price: | $13.54
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Protection price: | $10.832, 80% of $13.54
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Exchange ratio: | 73.8552
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Pricing date: | Jan. 26
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Settlement date: | Jan. 29
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Agent: | JPMorgan
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Fees: | 4.75%, including % for selling concessions
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