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JPMorgan plans annual income CDs linked to JPMorgan ETF Efficiente 5
By Toni Weeks
San Diego, May 4 - JPMorgan Chase Bank, NA plans to price annual income certificates of deposit due May 31, 2017 linked to the JPMorgan ETF Efficiente 5 index, according to a term sheet.
Interest is payable annually at a rate equal to the index return multiplied by the index factor, subject to a minimum coupon of 0.5%.
The index factor is one divided by the number of coupon determination dates that have occurred to date, including the current coupon determination date. The coupon determination dates are May 25, 2012, May 28, 2013, May 27, 2014, May 26, 2015, May 25, 2016 and May 25, 2017.
The payout at maturity will be par plus the last coupon payment.
The index tracks the excess return of a portfolio of 12 exchange-traded funds, with dividends reinvested, and the JPMorgan Cash Index USD 3 Month above the return of the cash index.
The CDs (Cusip: 48123YYF7) are expected to price May 25 and settle May 31.
J.P. Morgan Securities LLC is the agent. Incapital LLC is the distributor.
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