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JPMorgan to price autocallable contingent interest notes on indexes
By Toni Weeks
San Luis Obispo, Calif., April 11 - JPMorgan Chase & Co. plans to price autocallable contingent interest notes due April 24, 2017 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.
If each underlying index closes at or above the 65% barrier level on a quarterly review date, the notes will pay a coupon at an annual rate of at least 7% for that quarter. The exact rate will be set at pricing.
If each underlying index closes at or above its initial level on any review date beginning April 20, 2015, the notes will be called at par plus the coupon.
A trigger event occurs if either index closes below its 65% trigger level on the April 19, 2017 final review date.
If the notes have not been called and a trigger event has not occurred, the payout at maturity will be par plus the coupon. If a trigger event has occurred, investors will lose 1% for every 1% decline in the lesser-performing index.
J.P. Morgan Securities LLC is the agent.
The notes (Cusip: 48127DEX2) will price April 17 and settle April 23.
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