JP Morgan launches single observation reverse convertible

Two versions of the product are available, linked to either Bank of America Corp equity or Freeport McMoran Copper and Gold stock. The BofA note offers a 14% annual rate, payable in a monthly coupon, while the Freeport paper offers 12.75%. Both have a maturity of six months and will take into account the level of the stock on July 15 2009. If it has fallen by more than the 50% protection barrier since the product's strike date, then investors will take a physical delivery of the shares. Interest

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