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JPMorgan plans single observation callable yield notes tied to indexes
By Angela McDaniels
Tacoma, Wash., July 3 - JPMorgan Chase & Co. plans to price 7% to 8.5% single observation callable yield notes due Nov. 3, 2013 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The exact interest rate will be set at pricing. Interest will be payable quarterly.
If the final level of either underlying index is less than 70% of its initial level, the payout at maturity will be par plus the return of the worst-performing index. Otherwise, the payout will be par.
The notes will be callable at par on any interest payment date.
The notes are expected to price July 27 and settle Aug. 3.
J.P. Morgan Securities LLC is the agent.
The Cusip number is 48125VN55.
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