Published on 5/19/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $4.62 million autocallable reverse exchangeables tied to Chesapeake
By Marisa Wong
Madison, Wis., May 19 – JPMorgan Chase & Co. priced $4.62 million of 12.5% autocallable reverse exchangeable notes due May 19, 2016 linked to the common stock of Chesapeake Energy Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Beginning Nov. 16, 2015, the notes will be called at par if Chesapeake Energy stock closes at or above the initial value on any monthly review date other than final review date.
If the notes are not called, the payout at maturity will be par unless the final share price is less than the initial price and the stock closes below the trigger price, 57.5% of the initial value, on any day during the life of the notes, in which case the payout will be a number of Chesapeake Energy shares equal to $1,000 divided by the initial price or, at the issuer’s option, the cash value of those shares.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Autocallable reverse exchangeable notes
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| Underlying stock: | Chesapeake Energy Corp. (Symbol: CHK)
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| Amount: | $4,616,000
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| Maturity: | May 19, 2016
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| Coupon: | 12.5%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless final share price is less than initial price and stock closes below trigger price on any day during life of notes, in which case 66.6667 Chesapeake Energy shares
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| Call: | At par if stock closes at or above initial value on Nov. 16, 2015, Feb. 16, 2016 or May 16, 2016
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| Initial value: | $15.00
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| Trigger value: | $8.625, 57.5% of strike value
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| Pricing date: | May 15
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| Settlement date: | May 20
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1.5%
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| Cusip: | 46625HLA6
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