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JPMorgan plans six-year digital contingent coupon CDs on 10 stocks
By Jennifer Chiou
New York, May 4 - JPMorgan Chase Bank, NA plans to price digital contingent coupon certificates of deposit due May 31, 2017 linked to an equally weighted basket of stocks, according to a term sheet.
The basket includes the common stocks of AMR Corp., Costco Wholesale Corp. Halliburton Co., Hess Corp., Kraft Foods Inc., PepsiCo, Inc., Qualcomm Inc., Silver Wheaton Corp., Wells Fargo & Co. and Wyndham Worldwide Corp.
Interest is payable in May of each year and will equal the sum of the weighted returns of the basket stocks, subject to a minimum coupon of zero.
If a stock's return is positive or flat, its performance will be a fixed percentage equal to 8% to 10%. Otherwise, its performance will be the greater of its return and negative 25%. The exact fixed percentage will be set at pricing.
The payout at maturity will be par.
The CDs (Cusip: 48123YYQ3) are expected to price on May 25 and settle on May 31.
J.P. Morgan Securities LLC is the agent. Incapital LLC is the distributor.
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