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JPMorgan plans 10% upside autocallable reverse exchangeables on Valero
By Susanna Moon
Chicago, July 18 - JPMorgan Chase & Co. plans to price 10% upside autocallable single observation reverse exchangeable notes due July 25, 2013 linked to Valero Energy Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable monthly, with the exact amount to be set at pricing.
The notes will be called at par plus accrued interest if Valero stock closes at or above the initial share price on any of three quarterly call dates: Oct. 22, Jan. 22, 2013 or April 22, 2013.
The payout at maturity will be par in cash, unless Valero stock finishes below the 69% trigger level, in which case investors will receive a number of Valero shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the cash equivalent.
J.P. Morgan Securities LLC is the agent.
The notes will price on July 20 and settle on July 25.
The Cusip number is 48125VT26.
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