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JPMorgan plans upside autocallable reverse exchangeables on Netflix
By Toni Weeks
San Diego, March 11 - JPMorgan Chase & Co. plans to price upside autocallable single observation reverse exchangeable notes due March 26, 2012 linked to the common stock of Netflix, Inc., according to an FWP with the Securities and Exchange Commission.
The one-year notes carry an annualized coupon of at least 15.2%. The exact coupon will be set at pricing. Interest is payable monthly.
If Netflix shares close above the initial share price on any of four quarterly call settlement dates, the notes will be called at par.
If the notes are not called and the final share price is at least 70% of the initial price, the payout at maturity will be par. Otherwise, the payout will be a number of Netflix 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: 48125XJL1) will price on March 22 and settle on March 25.
J.P. Morgan Securities LLC is the agent.
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