Published on 9/2/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $3.24 million autocallable contingent interest notes linked to Apple
New York, Sept. 2 – JPMorgan Chase & Co. priced $3.24 million of autocallable contingent interest notes due Sept. 6, 2016 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If Apple stock closes at or above the interest barrier – 72.5% of the initial share price – on a quarterly review date, the issuer will pay a contingent coupon for that quarter at the rate of 10.75%. Otherwise, no coupon will be paid that quarter.
If the shares close at or above their initial price on a quarterly review date other than the first and last review dates, the notes will be called at par plus the contingent coupon.
If the notes are not called and Apple shares end above the initial value or have remained above the 72.5% trigger price during the life of the notes, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will receive any contingent interest payment and a number of Apple shares equal to par divided by the initial price, or the equivalent in cash.
J.P. Morgan Securities LLC is the underwriter.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Autocallable contingent interest notes
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| Underlying stock: | Apple Inc. (Nasdaq: AAPL)
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| Amount: | $3,243,000
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| Maturity: | Sept. 6, 2016
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| Coupon: | 10.75%, payable quarterly if stock closes at or above trigger price on review date for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par plus contingent coupon if Apple shares finish above initial price of have remained above trigger price during life of notes; otherwise a number of Apple shares equal to par divided by the initial price, or the cash equivalent
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| Call: | Starting Feb. 29, 2016, automatically at par plus contingent coupon if Apple shares close at or above initial price on a quarterly review date
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| Review dates: | Nov. 30, 2015, Feb. 29, 2016, May 31, 2016 and Aug. 31, 2016
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| Initial share price: | $112.76
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| Trigger/barrier price: | $81.751, 72.5% of initial price
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| Pricing date: | Aug. 31
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| Settlement date: | Sept. 3
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| Underwriters: | J.P. Morgan Securities LLC
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| Fees: | 1.5%
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| Cusip: | 48127VAC2
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