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JPMorgan plans 10.5% upside autocallable reverse exchangeables linked to Silver Wheaton stock
By Jennifer Chiou
New York, Jan. 12 - JPMorgan Chase & Co. plans to price upside autocallable single observation reverse exchangeable notes due Jan. 31, 2012 linked to the common stock of Silver Wheaton Corp., according to an FWP with the Securities and Exchange Commission.
The coupon will be at least 10.5% and will be set at pricing. Interest will be payable monthly.
The notes will be called at par if Silver Wheaton stock closes at or above the initial share price on April 27, July 27, 2011, Oct. 26, 2011 or Jan. 26, 2012.
The payout at maturity will be par unless the final share price is less than 65% of the initial share price, in which case the payout will be a number of Silver Wheaton shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, a cash amount equal to the value of those shares.
The notes (Cusip: 48125XAY2) are expected to price Jan. 26 and settle Jan. 31.
J.P. Morgan Securities LLC is the agent.
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