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JPMorgan plans 0% annual review notes linked to S&P 500
By E. Janene Geiss
Philadelphia, Oct. 7 - JPMorgan Chase & Co. plans to price 0% annual review notes due Oct. 24, 2011 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The notes will be automatically called at increasing premiums if the index is at or above its initial level on any of three annual review dates.
The redemption amount will be par plus 10.1% if the notes are called on Oct. 19, 2009, par plus 20.2% if called on Oct. 19, 2010 and par plus 30.3% if called on Oct. 19, 2011. The exact call premiums will be set at pricing.
If the notes are not called, investors will receive par if the index falls by up to 10% and will lose 1.1111% for every 1% decline in the index beyond 10%.
The notes are expected to price on Oct. 8 and settle on Oct. 13.
J.P. Morgan Securities Inc. is the agent.
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