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JPMorgan plans contingent coupon callable yield notes on indexes, ETF
By Marisa Wong
Madison, Wis., July 7 – JPMorgan Chase & Co. plans to price contingent coupon callable yield notes due Aug. 2, 2017 linked to the S&P 500 index, the Russell 2000 index and the iShares MSCI Emerging Markets exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon if each underlying component closes at or above its barrier level, 65% of its initial level, on the observation date for that quarter. The contingent coupon is expected to be at least 7.25% per year, or at least 1.8125% per quarter, and will be set at pricing.
The payout at maturity will be par unless any underlying component finishes below its barrier level, in which case investors will be fully exposed to the decline of the worst-performing component.
The notes are callable at par plus the contingent coupon, if any, on any interest payment other than the final one.
J.P. Morgan Securities LLC is the agent.
The notes are expected to price on July 28 and settle on July 31.
The Cusip number is 48127DRZ3.
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