Published on 8/28/2008 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.23 million 15% reverse exchangeables linked to Monsanto
By Jennifer Chiou
New York, Aug. 28 - JPMorgan Chase & Co. priced $1.23 million of 15% annualized reverse exchangeable notes due Nov. 28, 2008 linked to the common stock of Monsanto Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Monsanto stock falls by more than 25% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Monsanto shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent cash value.
J.P. Morgan Securities Inc. is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse exchangeable notes
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Underlying stock: | Monsanto Co. (Symbol: MON)
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Amount: | $1,233,000
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Maturity: | Nov. 28, 2008
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Coupon: | 15%, payable monthly
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Price: | Par
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Payout at maturity: | If Monsanto stock falls by more than the protection amount during the life of the notes and finishes below the initial share price, a number of Monsanto shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent cash value; otherwise, par
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Initial share price: | $116.03
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Protection amount: | 25% of initial price
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Pricing date: | Aug. 26
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Settlement date: | Aug. 29
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Agent: | J.P. Morgan Securities Inc.
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Fees: | 2.788%, including 2.003% for selling concessions
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