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JPMorgan plans contingent interest autocallables on Occidental Petroleum
By Susanna Moon
Chicago, April 23 - JPMorgan Chase & Co. plans to price autocallable contingent interest notes due May 14, 2014 linked to Occidental Petroleum Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
If Occidental Petroleum shares close at or above the 80% trigger level on a quarterly review date, the notes will pay a coupon at an annualized rate of 12.85% for that quarter.
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 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 coupon.
Otherwise, investors will be fully exposed to losses.
J.P. Morgan Securities LLC is the agent.
The notes will price on April 24 and settle on April 29.
The Cusip number is 48126D2R9.
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