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JPMorgan plans autocallable contingent interest notes tied to VMWare
By Jennifer Chiou
New York, Feb. 9 – JPMorgan Chase & Co. plans to price autocallable contingent interest notes due Feb. 22, 2016 linked to the common stock of VMWare, Inc., according to an FWP with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 7% to 9% if VMWare shares close at or above the trigger level, 70% of the initial share price, on the review date for that quarter.
The notes will be automatically called at par plus the contingent coupon if VMWare shares close at or above the initial share price on any review date other than the final review date.
If the final share price is greater than or equal to the trigger level, the payout at maturity will be par plus the final contingent interest payment. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price.
The notes (Cusip: 48125UEJ7) will price on Feb. 17 and settle on Feb. 20.
J.P. Morgan Securities LLC is the agent.
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