Published on 7/29/2014 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1 million 9% reverse exchangeables linked to Medidata Solutions
New York, July 29 - JPMorgan Chase & Co. priced $1 million of 9% reverse exchangeable notes due Oct. 30, 2014 linked to Medidata Solutions, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Medidata Solutions shares fall below the protection price of $26.81, 66.4601% of the initial price of $40.34, during the life of the notes and finish below the initial price in which case the payout will be 24.7893 shares of Medidata Solutions stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse exchangeable notes
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Underlying stock: | Medidata Solutions, Inc. (Symbol: MDSO)
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Amount: | $1 million
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Maturity: | Oct. 30, 2014
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Coupon: | 9%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Medidata Solutions shares fall below the protection price of $26.81, 66.4601% of the initial price, and finish below the initial price, in which case 24.7893 shares of Medidata Solutions stock
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Initial price: | $40.34
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Protection price: | $26.81, 66.4601% of $40.34
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Exchange ratio: | 24.7893
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Pricing date: | July 25
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Settlement date: | July 30
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Agent: | JPMorgan
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Fees: | 1.125%
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Cusip: | 48127DUM8
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