Published on 7/20/2010 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $499,000 11.5% reverse convertibles linked to Apple
New York, July 20 - JPMorgan Chase & Co. priced $499,000 of 11.5% reverse convertible notes due July 21, 2011 linked to Apple Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Apple shares fall below the protection price of $199.92, 80% of the initial price of $249.90, during the life of the notes and finish below the initial price in which case the payout will be 4.0016 shares of Apple stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Apple Inc. (Symbol: AAPL)
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Amount: | $499,000
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Maturity: | July 21, 2011
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Coupon: | 11.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Apple shares fall below the protection price of $199.92, 80% of the initial price, and finish below the initial price, in which case 4.0016 shares of Apple stock
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Initial price: | $249.90
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Protection price: | $199.92, 80% of $249.90
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Exchange ratio: | 4.0016
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Pricing date: | July 16
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Settlement date: | July 21
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Agent: | JPMorgan
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Cusip: | 48124AVW4
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