Published on 11/29/2010 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $627,000 15.5% reverse convertibles linked to Delta Air
New York, Nov. 29 - JPMorgan Chase & Co. priced $627,000 of 15.5% reverse convertible notes due Feb. 28, 2011 linked to Delta Air Lines, Inc.
shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Delta Air shares fall below the protection price of $10.2825, 75% of the initial price of $13.71, during the life of the notes and finish below the initial price in which case the payout will be 72.9395 shares of Delta Air stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
|
Issue: | Reverse convertible notes
|
Underlying stock: | Delta Air Lines, Inc.
|
(Symbol: DAL)
|
Amount: | $627,000
|
Maturity: | Feb. 28, 2011
|
Coupon: | 15.5%, payable monthly
|
Price: | Par
|
Payout at maturity: | Par in cash unless Delta Air shares fall below the protection price of $10.2825, 75% of the initial price, and finish below the initial price, in which case 72.9395 shares of Delta Air stock
|
Initial price: | $13.71
|
Protection price: | $10.2825, 75% of $13.71
|
Exchange ratio: | 72.9395
|
Pricing date: | Nov. 23
|
Settlement date: | Nov. 30
|
Agent: | JPMorgan
|
Fees: | 1.795%, including 1.375% for selling concessions
|
Cusip: | 48124A3T2
|
|
© 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.