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JPMorgan plans 10% upside autocallable reverse exchangeables on Valero
By Marisa Wong
Madison, Wis., March 23 - JPMorgan Chase & Co. plans to price upside autocallable single observation reverse exchangeable notes due March 30, 2012 linked to the common stock of Valero Energy Corp., according to an FWP filing with the Securities and Exchange Commission.
The coupon will be at least 10% and will be set at pricing. Interest will be payable monthly.
The notes will be called at par if Valero stock closes above the initial share price on June 27, Sept. 26, 2011, Dec. 28, 2011 or March 28, 2012.
The payout at maturity will be par unless the final share price is less than 70% of the initial share price, in which case the payout will be a number of Valero shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, a cash amount equal to the value of those shares.
The notes (Cusip: 48125XKJ4) are expected to price March 28 and settle March 31.
J.P. Morgan Securities LLC is the agent.
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