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JPMorgan plans contingent income autocallables tied to Valero Energy
By Wendy Van Sickle
Columbus, Ohio, Jan. 14 – JPMorgan Chase & Co. plans to price contingent income autocallable securities due Jan. 30, 2017 linked to the common stock of Valero Energy Corp., according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of at least 15.65% if the stock closes at or above 70% of its initial level on any quarterly determination date. The exact coupon rate will be set at pricing.
The notes will be called at par of $10 plus the contingent coupon if the stock closes at or above the initial level on any determination date other than the final date.
The payout at maturity will be par plus the final coupon unless the stock finishes below the 70% trigger level, in which case investors will be fully exposed to any losses.
J.P. Morgan Securities LLC is the agent.
The notes (Cusip: 48128A376) will price on Jan. 22 and settle three business days after pricing.
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