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JPMorgan plans dual directional knock-out notes linked to S&P 500
By Susanna Moon
Chicago, July 10 - JPMorgan Chase & Co. plans to price zero-coupon principal-protected dual directional knock-out notes due April 16, 2009 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index never closes more than 9.5% to 10.5% above or below the initial level at any time during the life of the notes, the payout at maturity will be par plus at least 110% of the absolute value of the index return. The exact range and participation rate will be set at pricing.
Investors will receive at least par.
The notes are expected to price on July 11 and settle on July 16.
J.P. Morgan Securities Inc. is the underwriter.
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