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JPMorgan to price annual review notes linked to Nikkei 225
By E. Janene Geiss
Philadelphia, Nov. 13 - JPMorgan Chase & Co. plans to price 0% annual review notes due Nov. 30, 2010 linked to the Nikkei 225 index, according to an FWP filing with the Securities and Exchange Commission.
The notes will be called at increasing premiums if the index level is 90% of its initial level on the first review date and at least 100% of its initial value on the second and third annual review dates. The redemption amount will be par plus at least 11% if the notes are called Nov. 25, 2008, par plus at least 22% if called Nov. 25, 2009 and par plus at least 33% if called Nov. 25, 2010. The exact redemption amounts will be set at pricing.
If the notes are not called, the payout at maturity will be par up to a 10% loss in the index. Beyond that, investors will lose 1.1111% for every 1% drop in the index.
The notes are expected to price Nov. 16 and settle Nov. 21.
J.P. Morgan Securities Inc. is the agent.
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