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JPMorgan plans 7% callable yield notes tied to S&P 500, U.S. Oil Fund
By Jennifer Chiou
New York, Dec. 21 - JPMorgan Chase & Co. plans to price 7% annualized callable yield notes due June 29, 2011 linked to the S&P 500 index and the United States Oil Fund, LP, according to an FWP with the Securities and Exchange Commission.
Interest will be payable monthly.
If either underlying component closes below its initial level by more than 25% during the life of the notes and the final level of either underlying component is less than its initial level, the payout at maturity will be par plus the return of the lower-performing component. Otherwise, the payout will be par.
The notes will be callable at par on March 29, 2011.
The notes (Cusip: 48124A6C6) are expected to price on Dec. 23 and settle Dec. 29.
J.P. Morgan Securities LLC is the agent.
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