New Issue: JPMorgan prices $4.33 million 9.71% airbag yield notes tied to Newcastle Investment

By Toni Weeks

San Luis Obispo, Calif., July 31 - JPMorgan Chase & Co. priced $4.33 million of 9.71% annualized airbag yield optimization notes due Jan. 31, 2014 linked to Newcastle Investment Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless the final share price is less than the conversion price, in which case the payout will be a number of Newcastle shares equal to $1,000 divided by the conversion price. The conversion price is 80% of the initial share price.

UBS Financial Services Inc. and J.P. Morgan Securities LLC are the underwriters.

Issuer:	JPMorgan Chase & Co.
Issue:	Airbag yield optimization notes
Underlying stock:	Newcastle Investment Corp. (Symbol: NCT)
Amount:	$4,325,000
Maturity:	Jan. 31, 2014
Coupon:	9.71%, payable monthly
Price:	Par
Payout at maturity:	If final share price is less than conversion price, 215.5172 Newcastle shares; otherwise, par
Initial share price:	$5.80
Conversion price:	$4.64, 80% of initial share price
Pricing date:	July 29
Settlement date:	July 31
Underwriters:	UBS Financial Services Inc. and J.P. Morgan Securities LLC
Fees:	1%
Cusip:	48126H712

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