Published on 7/28/2011 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.63 million 10% callable yield notes on Russell 2000, Gold Miners fund
By Jennifer Chiou
New York, July 28 - JPMorgan Chase & Co. priced $1.63 million of 10% callable yield notes due July 31, 2012 linked to the Russell 2000 index and the Market Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
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.
The notes are callable at par on any of the optional call dates: Oct. 31, 2011, Jan. 31, 2012 and April 30, 2012.
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: | Russell 2000 index, Market Vectors Gold Miners ETF
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Amount: | $1,632,000
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Maturity: | July 31, 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, capped at par; otherwise, par
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Call option: | At par on Oct. 31, 2011, Jan. 31, 2012 or April 30, 2012
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Initial levels: | 824.83 for Russell, $60.31 for gold fund
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Protection amount: | 329.932 for Russell, $24.124 for gold fund; 40% of initial levels
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Pricing date: | July 26
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Settlement date: | July 31
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Agent: | J.P. Morgan Securities LLC
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Fees: | 2.9%
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Cusip: | 48125XXN1
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