Published on 7/29/2010 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $126,000 15.85% reverse convertibles linked to Dow Chemical
New York, July 29 - JPMorgan Chase & Co. priced $126,000 of 15.85% reverse convertible notes due Jan. 31, 2011 linked to Dow Chemical Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Dow Chemical shares fall below the protection price of $21.88, 80% of the initial price of $27.35, during the life of the notes and finish below the initial price in which case the payout will be 36.5631 shares of Dow Chemical stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Dow Chemical Co. (Symbol: DOW)
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Amount: | $126,000
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Maturity: | Jan. 31, 2011
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Coupon: | 15.85%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Dow Chemical shares fall below the protection price of $21.88, 80% of the initial price, and finish below the initial price, in which case 36.5631 shares of Dow Chemical stock
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Initial price: | $27.35
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Protection price: | $21.88, 80% of $27.35
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Exchange ratio: | 36.5631
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Pricing date: | July 27
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Settlement date: | July 30
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Agent: | JPMorgan
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Cusip: | 48124AWT0
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