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JPMorgan plans upside auto callable single observation reverse exchangeables linked to Halliburton
By Susanna Moon
Chicago, Nov. 3 - JPMorgan Chase & Co. plans to price upside auto callable single observation reverse exchangeable notes due Nov. 9, 2011 linked to the common stock of Halliburton Co., according to an FWP filing with the Securities and Exchange Commission.
The coupon will be at least 10%, payable monthly, and the exact percentage will be set at pricing.
The notes will be called at par if the price of Halliburton stock closes above the initial share price on Feb. 4, May 4, 2011, Aug. 4, 2011 or Nov. 4, 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 Halliburton 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 48124AW94) are expected to price on Nov. 4 and settle on Nov. 9.
J.P. Morgan Securities LLC is the agent.
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