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JPMorgan plans 7%-9% autocallable yield notes on S&P 500, Russell 2000
By Marisa Wong
Madison, Wis., July 2 - JPMorgan Chase & Co. plans to price 7% to 9% autocallable yield notes due July 31, 2013 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus accrued interest if the underlying indexes close above their initial levels on any of three call dates. The call dates are Oct. 26, Jan. 28, 2013 and April 25, 2013.
A trigger event will occur if either index falls by more than 40% of the initial level on any day during the life of the notes.
The payout at maturity will be par unless a trigger event occurs and the lesser-performing component finishes below its initial level, in which case investors will be exposed to those losses.
J.P. Morgan Securities LLC is the agent.
The notes (Cusip: 48125VP87) will price on July 26 and settle on July 31.
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