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JPMorgan plans contingent absolute return autocallables on McDermott
By Jennifer Chiou
New York, Sept. 10 - JPMorgan Chase & Co. plans to price 0% contingent absolute return autocallable optimization securities due Sept. 19, 2013 linked to the common stock of McDermott International, Inc., according to an FWP with the Securities and Exchange Commission.
The notes will be called at par plus an annualized call premium of 16% to 20% if McDermott stock closes at or above the initial share price on any quarterly observation date. The exact call premium will be set at pricing.
If the notes are not called and the final share price is at or above the 65% trigger level, the payout at maturity will be par plus the absolute value of the return.
Otherwise, investors will be fully exposed to any losses.
The notes (Cusip: 48124B501) are expected to price on Sept. 14 and settle on Sept. 19.
UBS Financial Services Inc. and J.P. Morgan Securities LLC are the agents.
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