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JPMorgan plans 8.25% airbag autocallables linked to U.S. Steel
By Toni Weeks
San Luis Obispo, Calif., May 19 – JPMorgan Chase & Co. plans to price 8.25% airbag autocallable yield optimization notes due May 31, 2016 linked to the common stock of United States Steel Corp., according to an FWP with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be called automatically at par if U.S. Steel shares close at or above the initial share price on any quarterly observation date.
The payout at maturity will be par unless the final share price is less than the conversion price, in which case the payout will be a number of U.S. Steel shares equal to $1,000 divided by the conversion price. The conversion price will be 72.5% to 75% of the initial share price and will be set at pricing.
The notes (Cusip: 48127X740) will price May 27 and settle May 29.
UBS Financial Services Inc. and J.P. Morgan Securities LLC are the agents.
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