JPMorgan to price 13% reverse exchangeables linked to Schlumberger

By Toni Weeks

San Diego, Dec. 2 - JPMorgan Chase & Co. plans to price 13% upside autocallable single observation reverse exchangeable notes due June 16, 2012 linked to the common stock of Schlumberger NV, according to an FWP filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes will be automatically called at par on March 13, 2012 if the closing price is greater than the initial share price.

The payout at maturity will be par in cash, unless the final price of Schlumberger shares falls by more than 20% from the initial share price, in which case investors will receive a number of Schlumberger shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, a cash amount equal to the value of those shares.

The exact terms will be determined at pricing.

The notes (Cusip: 48125VEU0) will price on Dec. 13 and settle on Dec. 16.

J.P. Morgan Securities LLC is the agent.

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