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JPMorgan plans contingent absolute return autocallables on Sprint
By Jennifer Chiou
New York, Aug. 7 - JPMorgan Chase & Co. plans to price 0% contingent absolute return autocallable optimization securities due Aug. 16, 2013 linked to Sprint Nextel Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus an annualized call premium of 10.5% to 14.5% if Sprint Nextel stock closes at or above the initial share price on any quarterly observation date. The exact percentage will be set at pricing.
If the notes are not called and the stock finishes at or above the 50% trigger level, the payout at maturity will be par plus the absolute value of the stock return.
Otherwise, investors will be fully exposed to any losses.
The notes (Cusip: 46637G330) will price on Aug. 9 and settle on Aug. 14.
UBS Financial Services Inc. and J.P. Morgan Securities LLC are the agents.
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