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JPMorgan plans 6.5%-8.5% autocallable yield notes tied to S&P, Russell
By Angela McDaniels
Tacoma, Wash., Aug. 31 - JPMorgan Chase & Co. plans to price 6.5% to 8.5% autocallable yield notes due March 31, 2014 linked to the S&P 500 index and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly. The exact interest rate will be set at pricing.
The notes will be called automatically at par if each underlying closes at or above its initial level on Dec. 26, 2012, March 25, 2013, June 25, 2013, Sept. 25, 2013 or Dec. 24, 2013.
A trigger event will occur if the closing level of either underlying declines by more than 35% during the life of the notes.
The payout at maturity will be par unless either underlying index finishes below its initial level and a trigger event has occurred, in which case investors will lose 1% for every 1% that the worst-performing index declines below its initial level.
The notes are expected to price Sept. 25 and settle Sept. 28.
J.P. Morgan Securities LLC is the agent.
The Cusip number is 48125V5M8.
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