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JPMorgan plans contingent income autocallable notes linked to Apple
By Susanna Moon
Chicago, Nov. 15 - JPMorgan Chase & Co. plans to price contingent income autocallable securities due Nov. 28, 2014 linked to Apple Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
If Apple stock closes at or above the 75% barrier level on a quarterly determination date, the notes will pay a contingent payment of at least 2.0625% for that quarter. The exact contingent quarterly coupon will be set at pricing.
If the stock closes at or above the initial share price on any of the first three quarterly determination dates, the notes will be redeemed at par of $10 plus the contingent payment.
If the notes are not called, the payout at maturity will be par plus the contingent payment unless the stock finishes below the 75% downside threshold level, in which case the payout will be a number of Apple shares equal to $10 divided by the initial share price or, at the issuer's option, the cash equivalent.
J.P. Morgan Securities, LLC is the agent with distribution through Morgan Stanley Smith Barney LLC.
The notes will price on Nov. 22 and settle three days later.
The Cusip number is 48127A781.
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