Published on 10/24/2011 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $2.9 million 10.59% airbag notes linked to Prudential
By Angela McDaniels
Tacoma, Wash., Oct. 24 - JPMorgan Chase & Co. priced $2.9 million of 10.59% annualized airbag yield optimization notes due April 26, 2012 linked to the common stock of Prudential Financial, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless the final share price is less than the conversion price, in which case the payout will be a number of Prudential shares equal to $1,000 divided by the conversion price. The conversion price is 75% of the initial share price.
UBS Financial Services Inc. and J.P. Morgan Securities LLC are the underwriters.
Issuer: | JPMorgan Chase & Co.
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Issue: | Airbag yield optimization notes
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Underlying stock: | Prudential Financial, Inc. (NYSE: PRU)
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Amount: | $2,902,000
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Maturity: | April 26, 2012
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Coupon: | 10.59%, payable monthly
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Price: | Par
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Payout at maturity: | If final share price is less than conversion price, number of Prudential shares equal to $1,000 divided by conversion price; otherwise, par
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Initial share price: | $51.75
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Conversion price: | $38.81, 75% of initial share price
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Pricing date: | Oct. 20
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Settlement date: | Oct. 25
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Underwriters: | UBS Financial Services Inc. and J.P. Morgan Securities LLC
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Fees: | 1%
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Cusip: | 46636T341
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