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JPMorgan plans 9%-13% six-month reverse convertibles linked to Yahoo!
By Susanna Moon
Chicago, Jan. 21 - JPMorgan Chase & Co. plans to price 9% to 13% annualized reverse convertible notes due Aug. 16, 2011 based on the performance of Yahoo! Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable monthly. The exact rate will be set at pricing.
The payout at maturity will be par in cash unless Yahoo! shares fall below 80% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of Yahoo! shares equal to $1,000 divided by the initial price.
The notes (Cusip 48125XBV7) are expected to price on Feb. 11 and settle on Feb. 16.
J.P. Morgan Securities LLC is the agent.
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