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JPMorgan plans autocallable contingent interest notes on salesforce
By Marisa Wong
Madison, Wis., Nov. 5 – JPMorgan Chase & Co. plans to price autocallable contingent interest notes due Nov. 13, 2017 linked to the common stock of salesforce.com, inc., according to an FWP filing with the Securities and Exchange Commission.
If salesforce.com shares close at or above the barrier level, 75% of the initial share price, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 9.15%.
The notes will be called at par plus the contingent coupon if salesforce.com shares close at or above the initial share price on any quarterly determination date other than the final determination date.
If the final share price is greater than or equal to the barrier level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price.
J.P. Morgan Securities LLC is the agent. Morgan Stanley Smith Barney LLC is handling distribution.
The notes are expected to price Nov. 7 and settle Nov. 13.
The Cusip number is 48127DT81.
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