JPMorgan to price 9.15%-12.15% airbag yield notes linked to Valero

By Angela McDaniels

Tacoma, Wash., Oct. 26 - JPMorgan Chase & Co. plans to price airbag yield optimization notes due April 30, 2012 linked to the common stock of Valero Energy Corp., according to an FWP filing with the Securities and Exchange Commission.

The six-month notes will carry a coupon of 9.15% to 12.15% per year. The exact coupon will be set at pricing. Interest will be payable monthly.

The payout at maturity will be par unless the final share price is less than the conversion price, in which case the payout will be a number of Valero shares equal to $1,000 divided by the conversion price. The conversion price will be 75% of the initial share price.

The notes (Cusip: 46636T192) are expected to price Oct. 27 and settle Oct. 31.

UBS Financial Services Inc. and J.P. Morgan Securities LLC are the agents.

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