By Toni Weeks
San Diego, June 10 - JPMorgan Chase & Co. priced $2.26 million of autocallable yield notes due Dec. 12, 2011 linked to the SPDR S&P Metals & Mining exchange-traded fund and the iShares MSCI Brazil index fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will bear interest at 8% per year, payable monthly.
If the funds close above their initial levels on Sept. 7, the notes will be automatically called at par plus accrued interest.
A trigger event will occur if either fund falls below the trigger level - 70% of the initial level - on any trading day.
If a trigger event does not occur, investors will receive par at maturity. If a trigger event occurs and the ending level of the worst-performing fund is less than its initial level, investors will share in those losses.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable yield notes
|
| Underlying funds: | SPDR S&P Metals & Mining exchange-traded fund and iShares MSCI Brazil index fund
|
| Amount: | $2,255,000
|
| Maturity: | Dec. 12, 2011
|
| Coupon: | 8%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par, unless either fund falls below 70% of initial level on any trading day during life of notes and finishes below its initial level, in which case par plus return of worst-performing fund, with exposure to losses
|
| Call: | At par if both underlying funds close at or above initial levels on Sept. 7
|
| Initial levels: | $65.33 for metals and mining fund, $73.03 for Brazil fund
|
| Trigger level: | $45.731 for metals and mining fund, $51.121 for Brazil fund, 70% of initial levels
|
| Pricing date: | June 8
|
| Settlement date: | June 10
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 2.95%
|
| Cusip: | 48125XSL1
|
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