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JPMorgan plans 11% callable yield notes tied to S&P 500, Russell 2000
By Toni Weeks
San Diego, Oct. 19 - JPMorgan Chase & Co. plans to price 11% single observation callable yield notes due Oct. 29, 2012 linked to the S&P 500 index and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes are callable at par plus accrued interest on the first three interest payment dates.
A trigger event will occur if either index closes below its trigger level, 70% of the initial level, on the Oct. 22, 2012 observation date.
If a trigger event does not occur, investors will receive par at maturity.
If a trigger event occurs, investors will be fully exposed to the decline of the worst-performing index.
The notes (Cusip: 48125X6U5) are expected to price Oct. 21 and settle Oct. 28.
J.P. Morgan Securities LLC is the agent.
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