Published on 3/29/2011 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $3.17 million 10% callable yield notes on Gold Miners fund, Russell 2000
By Susanna Moon
Chicago, March 29 - JPMorgan Chase & Co. priced $3.17 million of 10% callable yield notes due March 30, 2012 linked to the Market Vectors Gold Miners exchange-traded fund and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes are callable at par on June 30, Sept. 30, 2011 and Dec. 30, 2011.
The payout at maturity will be par unless either component falls to or below its knock-in level - 60% of its initial level - during the life of the notes, in which case investors will receive par plus the return of the worst performing component, up to a maximum payout of par.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Callable yield notes
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Underlying components: | Market Vectors Gold Miners exchange-traded fund, Russell 2000 index
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Amount: | $3,171,000
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Maturity: | March 30, 2012
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Coupon: | 10%, payable monthly
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Price: | Par
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Payout at maturity: | If either component falls to or below its knock-in level during the life of the notes, par plus the return of the worst performing component, up to a maximum payout of par; otherwise, par
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Call option: | At par on June 30, Sept. 30, 2011 and Dec. 30, 2011
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Protection amount: | $23.808 for gold fund, 329.54 for Russell; 40% of initial levels
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Pricing date: | March 25
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Settlement date: | March 30
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Agent: | J.P. Morgan Securities LLC
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Fees: | 2%
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Cusip: | 48125XJP2
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