New Issue: JPMorgan prices $3.1 million 9.7% callable yield notes linked to S&P 500, oil fund

By Toni Weeks

San Diego, Oct. 18 - JPMorgan Chase & Co. priced $3.1 million of 9.7% annualized callable yield notes due April 19, 2012 linked to the S&P 500 index and the United States Oil Fund, LP, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes are callable at par plus accrued interest on Jan. 19, 2012.

A trigger event will occur if either index falls below the trigger level, 60% of the initial level, during the life of the notes.

The payout at maturity will be par, unless a trigger event has occurred and the ending level of either component is less than the initial level, in which case investors will lose 1% for every 1% decline in the worst-performing component.

J.P. Morgan Securities LLC is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Callable yield notes
Underlying components: S&P 500 and United States Oil Fund, LP
Amount:	$3,098,000
Maturity:	April 19, 2012
Coupon:	9.7%, payable monthly
Price:	Par
Payout at maturity:	Par, unless a trigger event occurs during life of notes and final level of worst-performing component is less than initial level, in which case full exposure to decline in worst-performing component
Call option:	At par on Jan. 19, 2012
Initial levels:	1,224.58 for S&P 500 and $33.87 for fund
Protection amount:	489.832 for S&P 500, $13.548 for fund, 40% of initial levels
Pricing date:	Oct. 14
Settlement date:	Oct. 19
Agent:	J.P. Morgan Securities LLC
Fees:	2.5%, including 1% for selling concessions
Cusip:	48125X6L5

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