JPMorgan plans single observation reverse exchangeables linked to 3M

By Toni Weeks

San Diego, March 29 - JPMorgan Chase & Co. plans to price single observation reverse exchangeable notes due April 19, 2012 linked to the common stock of 3M Co., according to an FWP filing with the Securities and Exchange Commission.

The one-year notes carry an annualized coupon of 6%. Interest is payable monthly.

The payout at maturity will be par in cash, unless the final price of 3M shares is less than the initial share price by a protection amount that is expected to be 16.8% to 20.8% of the initial share price, in which case investors will receive a number of 3M 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 exact protection amount will be determined at pricing.

J.P. Morgan Securities LLC is the agent.

The notes (Cusip: 48125XKV7) will price on April 15 and settle on April 20.

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