JPMorgan to price callable reverse exchangeables on Freeport-McMoRan

By Susanna Moon

Chicago, Nov. 22 - JPMorgan Chase & Co. plans to price upside auto callable single observation reverse exchangeable notes due Nov. 30, 2011 based on the common stock of Freeport-McMoRan Copper & Gold Inc., according to an FWP filing with the Securities and Exchange Commission.

The coupon will be at least 10% and will be set at pricing. Interest will be payable monthly.

The notes will be called at par if the price of Freeport-McMoRan stock closes above the initial share price on Feb. 23, May 25, 2011, Aug. 26, 2011 or Nov. 25, 2011.

The payout at maturity will be par unless the final share price is less than 70% of the initial share price, in which case the payout will be a number of Freeport-McMoRan 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 48124A3F2) are expected to price Nov. 24 and settle Nov. 30.

J.P. Morgan Securities LLC is the agent.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.