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JPMorgan plans 7.2%-9.2% airbag yield optimization notes on Cummins
By Susanna Moon
Chicago, May 31 - JPMorgan Chase & Co. plans to price 7.2% to 9.2% annualized airbag yield optimization notes due Dec. 7, 2012 linked to Cummins Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless the final share price is less than 80% conversion level, in which case the payout will be a number of Cummins shares equal to $1,000 divided by the conversion price.
UBS Financial Services Inc. and J.P. Morgan Securities LLC are the underwriters.
The notes will price on June 1 and settle on June 7.
The Cusip number is 46637G520.
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