Published on 1/20/2011 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.51 million 12.25% reverse convertibles linked to Citigroup
New York, Jan. 20 - JPMorgan Chase & Co. priced $1.51 million of 12.25% reverse convertible notes due July 21, 2011 linked to Citigroup Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Citigroup shares fall below the protection price of $3.84, 80% of the initial price of $4.80, during the life of the notes and finish below the initial price in which case the payout will be 208.3333 shares of Citigroup stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Citigroup Inc. (Symbol: C)
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Amount: | $1.51 million
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Maturity: | July 21, 2011
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Coupon: | 12.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Citigroup shares fall below the protection price of $3.84, 80% of the initial price, and finish below the initial price, in which case 208.3333 shares of Citigroup stock
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Initial price: | $4.80
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Protection price: | $3.84, 80% of $4.80
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Exchange ratio: | 208.3333
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Pricing date: | Jan. 18
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Settlement date: | Jan. 21
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Agent: | JPMorgan
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Fees: | 1.375%
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Cusip: | 48124A6K8
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