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JPMorgan to price protected knock-out notes linked to S&P 500
By Jennifer Chiou
New York, Nov. 3 - JPMorgan Chase & Co. plans to price zero-coupon principal-protected knock-out notes due May 31, 2011 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index never closes above the upper knock-out level - 137.5% of the initial level - during the life of the notes, payout at maturity will be par plus the index return, up to a maximum return of $425 per $1,000 note and subject to a floor of par.
Otherwise, investors will receive par plus 4%.
The notes will price on Nov. 24 and settle on Nov. 28.
J.P. Morgan Securities Inc. is the agent.
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