JPMorgan plans autocallable contingent interest notes on Cummins

By Jennifer Chiou

New York, Nov. 19 - JPMorgan Chase & Co. plans to price autocallable contingent interest notes due Dec. 10, 2014 linked to Cummins Inc. shares, according to an FWP with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 11% if Cummins shares close at or above the 80% trigger level on the review date for that quarter.

The notes will be called at par plus the coupon if the shares close at or above the initial share price on any review date other than the final review date.

If the notes have not been called and the stock finishes at or above the trigger level, the payout at maturity will be par plus the coupon. Otherwise, investors will be fully exposed to any losses.

The notes (Cusip: 48126NF51) are expected to price on Nov. 22 and settle on Nov. 27.

J.P. Morgan Securities LLC is the underwriter.

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