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JPMorgan plans contingent interest callable notes linked to Apple
By Susanna Moon
Chicago, March 16 – JPMorgan Chase & Co. plans to price callable contingent interest notes due April 7, 2017 linked to Apple Inc. shares, according to an FWP filed with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of at least 8% if the stock closes at or above its coupon barrier level, 72.5% of its initial price, on the review date for that quarter.
The notes are callable at par plus the contingent coupon on any review date other than the first and final dates.
The payout at maturity will be par plus the contingent coupon unless the stock finishes below its 72.5% trigger level, in which case investors will be fully exposed to any losses.
J.P. Morgan Securities LLC is the agent.
The notes will price on March 31 and settle on April 5.
The Cusip number is 46625HQS2.
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