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JPMorgan plans autocallable contingent interest notes on PulteGroup
By Marisa Wong
Madison, Wis., June 4 - JPMorgan Chase & Co. plans to price autocallable contingent interest notes due June 25, 2014 linked to the common stock of PulteGroup, Inc., according to an FWP filing with the Securities and Exchange Commission.
If PulteGroup shares close at or above the trigger level, 70% of the initial share price, on a quarterly review date, the notes will pay a coupon that quarter at an annualized rate of 18.6%.
If the shares close at or above the initial share price on any review date other than the final review date, the notes will be automatically called at par plus the coupon.
If the notes have not been called and the stock finishes at or above the trigger level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the stock's decline from its initial price.
J.P. Morgan Securities LLC is the agent.
The notes are expected to price June 7 and settle June 12.
The Cusip number is 48126NDX2.
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