JPMorgan plans 8% autocallable yield notes tied to metals ETF, Russell

By Angela McDaniels

Tacoma, Wash., June 27 - JPMorgan Chase & Co. plans to price autocallable yield notes due Dec. 15, 2011 linked to the Russell 2000 index and the SPDR S&P Metals & Mining exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.

The five-month notes will carry a coupon of 8% per year. Interest will be payable monthly.

The notes will be called at par if each underlying component closes above its initial level on Oct. 12.

The payout at maturity will be par unless either underlying component falls below its trigger level - 70% of its initial level - during the life of the notes, in which case investors will receive par plus the return of the worst-performing underlying component, up to a maximum payout of par.

The notes (Cusip: 4812XXA9) are expected to price July 12 and settle July 15.

J.P. Morgan Securities LLC is the agent.

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