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JPMorgan plans one-year knock-out notes tied to S&P 500 with 10% cap
By Susanna Moon
Chicago, Jan. 4 - JPMorgan Chase & Co. plans to price 0% capped index knock-out notes due Jan. 24, 2013 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
A knock-out event occurs if the index ever closes below 28.94% of the initial level during the life of the notes.
If a knock-out event does not occur, the payout at maturity is par plus any index gain, with a contingent minimum return of at least 10% that will be set at pricing.
Otherwise, the payout at maturity is par plus the index return with exposure to any losses.
In either case, the maximum return is at least 10%, or $1,100 per $1,000 of notes. The exact cap will be set at pricing.
J.P. Morgan Securities LLC will be the agent.
The notes will price on Jan. 6 and settle on Jan. 11.
The Cusip number is 48125VHK9.
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