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JPMorgan plans 0% annual review notes due 2011 linked to S&P 500
By Jennifer Chiou
New York, Aug. 6 - JPMorgan Chase & Co. plans to price 0% annual review notes due Aug. 31, 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 8% to 10% if the notes are called on Sept. 3, 2009, par plus 16% to 20% if called on Aug. 27, 2010 and par plus 24% to 30% if called on Aug. 26, 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 Aug. 22 and settle on Aug. 27.
J.P. Morgan Securities Inc. is the agent.
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