Published on 2/26/2010 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $0.27 million 11% reverse convertibles linked to Research in Motion
New York, Feb. 26 - JPMorgan Chase & Co. priced $0.27 million of 11% reverse convertible notes due Aug. 26, 2010 linked to Research In Motion Ltd. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Research in Motion shares more than the protection amount of $13.688, 20% of the initial price of $68.44, during the life of the notes and finish below the initial price in which case the payout will be 14.6113 shares of Research in Motion stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Research In Motion Ltd. (Symbol: RIMM)
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Amount: | $0.27 million
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Maturity: | Aug. 26, 2010
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Coupon: | 11%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Research in Motion shares more than the protection amount of $13.688, 20% of the initial price, and finish below the initial price, in which case 14.6113 shares of Research in Motion stock
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Initial price: | $68.44
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Protection amount: | $13.688, 20% of $68.44
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Exchange ratio: | 14.6113
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Pricing date: | Feb. 23
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Settlement date: | Feb. 26
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Agent: | JPMorgan
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Fees: | 3%
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Cusip: | 48124AGL4
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