Published on 4/28/2011 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $2.09 million 10% callable yield notes tied to Russell 2000, gold fund
By Jennifer Chiou
New York, April 28 - JPMorgan Chase & Co. priced $2.09 million of 10% callable yield notes due April 30, 2012 linked to the Russell 2000 index and the Market Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless either underlying component falls below its knock-in level - 60% of its initial level - during the life of the notes, in which case investors will receive par plus the return of the worst-performing component, up to a maximum payout of par.
The notes are callable at par on July 31, Oct. 31, 2011 and Jan. 31, 2012.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Callable yield notes
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Underlying components: | Market Vectors Gold Miners exchange-traded fund and Russell 2000 index
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Amount: | $2,091,000
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Maturity: | April 30, 2012
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Coupon: | 10%, payable monthly
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Price: | Par
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Payout at maturity: | If either component falls below its knock-in level during the life of the notes, par plus the return of the worst-performing component, capped at par; otherwise, par
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Call option: | At par on July 31, Oct. 31, 2011 and Jan. 31, 2012
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Initial levels: | $60.21 for gold ETF, 853.04 for Russell
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Protection amounts: | $24.084 for gold ETF, 341.216 for Russell; 40% of initial levels
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Pricing date: | April 26
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Settlement date: | April 29
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Agent: | J.P. Morgan Securities LLC
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Fees: | 2.11%, including 0.25% for selling concessions
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Cusip: | 48125XLBO
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