J.P. Morgan & Co. has launched a synthetic convertible issue that meets investor demand for a hedge against volatility in the stock market.

According to Security and Exchange Commission documents filed on April 1, the New York-based bank plans to sell $100 million worth of convertible bonds that are tied to a basket of consumer product stocks. The custom- designed convertible premieres at a time when analysts are beginning to question whether the stock market's meteoric rise can last much longer.

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