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JPMorgan to price quarterly review notes linked to S&P 500 index
By Angela McDaniels
Tacoma, Wash., March 27 - JPMorgan Chase & Co. plans to price 0% quarterly review notes due April 17, 2013 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The notes will be automatically called if the index's closing level on any review date is greater than or equal to its initial level. The redemption amount will be par plus an annualized call premium of at least 8.2% that will be set at pricing.
The review dates are expected to be July 12, 2012, Oct. 12, 2012, Jan. 14, 2013 and April 12, 2013.
If the notes are not called, the payout at maturity will be par if the final index level is at least 90% of the initial index level. Otherwise, investors will lose 1.1111% for every 1% that the index declines beyond 10%.
The notes (Cusip: 48125VST8) are expected to price March 30 and settle April 4.
J.P. Morgan Securities LLC is the agent.
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