Published on 7/30/2010 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $2.2 million 13.25% reverse convertibles linked to Dell
New York, July 30 - JPMorgan Chase & Co. priced $2.2 million of 13.25% reverse convertible notes due Aug. 3, 2011 linked to Dell Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Dell shares fall below the protection price of $9.90, 75% of the initial price of $13.20, during the life of the notes and finish below the initial price in which case the payout will be 75.7576 shares of Dell stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Dell Inc. (Symbol: DELL)
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Amount: | $2.2 million
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Maturity: | Aug. 3, 2011
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Coupon: | 13.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Dell shares fall below the protection price of $9.90, 75% of the initial price, and finish below the initial price, in which case 75.7576 shares of Dell stock
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Initial price: | $13.20
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Protection price: | $9.9, 75% of $13.20
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Exchange ratio: | 75.7576
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Pricing date: | July 29
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Settlement date: | Aug. 3
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Agent: | JPMorgan
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Fees: | 1.45%, including 0.75% for selling concessions
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Cusip: | 48124AYB7
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