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JPMorgan plans dual directional knock-out CDs linked to S&P 500
By E. Janene Geiss
Philadelphia, Aug. 5 - JPMorgan Chase & Co. plans to price zero-coupon principal-protected dual directional knock-out certificates of deposit due Aug. 28, 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 13% to 15% above or below its initial level, the payout at maturity will be par plus at least 100% of the absolute value of the index return. The exact knock-out levels will be set at pricing. The maximum return will be at least 13%, or $130 per $1,000 CD, with the exact cap to be set at pricing.
Otherwise, investors will receive par.
The notes are expected to price Aug. 26 and settle Aug. 29.
J.P. Morgan Securities Inc. is the agent.
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