Published on 10/25/2011 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1 million 11% callable yield notes linked to S&P 500, Russell 2000
By Susanna Moon
Chicago, Oct. 25 - JPMorgan Chase & Co. priced $1 million of 11% single observation callable yield notes due Oct. 29, 2012 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes are callable at par on Jan. 28, 2012, April 28, 2012 and July 28, 2012.
The payout at maturity will be par unless either index finishes at or below its knock-in level - 70% of its initial level - in which case investors will receive par plus the return of the worst-performing index.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Single observation callable yield notes
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Underlying indexes: | S&P 500 and Russell 2000
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Amount: | $1 million
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Maturity: | Oct. 29, 2012
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Coupon: | 11%, payable quarterly
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Price: | Par
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Payout at maturity: | Par unless either index falls below knock-in level, in which case par plus return of worst-performing index
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Call option: | At par on Jan. 28, 2012, April 28, 2012 and July 28, 2012
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Initial levels: | 1,238.25 for S&P and 712.42 for Russell
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Protection amount: | 371.475 for S&P and 213.726 for Russell; 30% of initial levels
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Pricing date: | Oct. 21
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Settlement date: | Oct. 28
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Agent: | J.P. Morgan Securities LLC
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Fees: | 2.5%, including 1.25% for selling concessions
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Cusip: | 48125X6U5
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