Published on 4/29/2010 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $5.19 million barrier optimization securities linked to S&P 500 via UBS
By Susanna Moon
Chicago, April 29 - JPMorgan Chase & Co. priced $5.19 million of 0% barrier optimization securities with partial protection due May 31, 2011 based on the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
UBS Financial Services Inc. and J.P. Morgan Securities Inc. are the agents.
The payout at maturity will be par of $10 plus 2% if the index ever closes above the index barrier - 124% of the initial index level - during the life of the notes.
If the index never closes above the barrier but finishes above the initial level, the payout will be par plus the gain. Investors will receive par if the index falls by up to 10% and will be exposed to declines beyond 10%.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Barrier optimization securities with partial protection
|
| Underlying index: | S&P 500
|
| Amount: | $5,190,350
|
| Maturity: | May 31, 2011
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If index closes above index barrier during life of notes, par plus 2%; otherwise, par plus any index gain, par minus 1% for every 1% decline beyond 10%
|
| Initial index level: | 1,183.71
|
| Index barrier: | 1,467.8004, 124% of initial level
|
| Pricing date: | April 27
|
| Settlement date: | April 30
|
| Agents: | UBS Financial Services Inc. and J.P. Morgan Securities Inc.
|
| Fees: | 1.35%
|
| Cusip: | 46634E494
|
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