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JPMorgan plans 10% upside autocallable reverse exchangeables on Valero
By Toni Weeks
San Diego, May 12 - JPMorgan Chase & Co. plans to price 10% upside autocallable single observation reverse exchangeable notes due May 31, 2012 linked to Valero Energy Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus accrued interest if Valero stock closes above the initial share price on any of four quarterly call dates beginning Aug. 26.
The payout at maturity will be par unless the final share price has dropped more than 20% from the initial share price, in which case the payout will be a number of Valero shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, a cash amount equal to the value of those shares.
The notes (Cusip: 48125XRB4) are expected to price May 25 and settle May 31.
J.P. Morgan Securities LLC is the agent.
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