New Issue: JPMorgan prices $749,000 10.6% reverse exchangeables linked to American Express

By Angela McDaniels

Tacoma, Wash., May 29 - JPMorgan Chase & Co. priced $749,000 of 10.6% reverse exchangeable notes due May 29, 2009 linked to the common stock of American Express Co., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless American Express 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 American Express 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.
Issue:	Reverse exchangeable notes
Underlying stock:	American Express Co. (Symbol: AXP)
Amount:	$749,000
Maturity:	May 29, 2009
Coupon:	10.6%, payable monthly
Price:	Par
Payout at maturity:	If American Express stock falls by more than protection amount during life of notes and final share price is less than initial share price, 21.7865 American Express shares or equivalent cash value; otherwise, par
Initial share price:	$45.90
Protection amount:	$11.475, 25% of initial share price
Pricing date:	May 27
Settlement date:	May 30
Agent:	J.P. Morgan Securities Inc.
Fees:	6%, including 3.665% for selling concessions

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.