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JPMorgan plans daily observation knock-out notes linked to Merck
By Toni Weeks
San Diego, March 15 - JPMorgan Chase & Co. plans to price daily observation knock-out notes due Sept. 24, 2012 linked to the common stock of Merck & Co., according to an FWP filing with the Securities and Exchange Commission.
If the price of Merck stock falls by more than 25% from its initial share price during the life of the notes, the payout at maturity will be par plus the stock return, which could be positive or negative. Otherwise, the payout will be the greater of the stock return and a contingent minimum return of at least 9.6%.
The exact terms will be set at pricing.
The notes (Cusip: 48125XJW7) are expected to price March 18 and settle March 23.
J.P. Morgan Securities LLC will act as agent.
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