By Angela McDaniels
Tacoma, Wash., Feb. 28 - JPMorgan Chase & Co. priced $2.25 million of autocallable contingent interest notes due Feb. 27, 2015 linked to the iShares Russell 2000 index fund, according to a 424B2 filing with the Securities and Exchange Commission.
If the exchange-traded fund's shares close at or above the trigger level, 55% of the initial share price, on a quarterly review date, the notes will pay a 1.75% coupon that quarter, which is equivalent to 7% per year. If the ETF closes below the trigger level, no coupon will be paid that quarter.
If the ETF closes at or above the initial share price on any of the review dates other than the first, second, third and final review dates, the notes will be automatically called at par plus 1.75%.
If the notes have not been called and the final share price is greater than or equal to the trigger level, the payout at maturity will be par plus 1.75%. If the final share price is less than the trigger level, investors will be exposed to the decline of the ETF from the initial share price.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying ETF: | iShares Russell 2000 index fund
|
| Amount: | $2,245,000
|
| Maturity: | Feb. 27, 2015
|
| Coupon: | If ETF closes at or above trigger level on quarterly review date, 1.75% that quarter; otherwise, no coupon paid that quarter
|
| Price: | Par
|
| Payout at maturity: | If final share price is greater than or equal to trigger level, par plus 1.75%; otherwise, full exposure to decline of ETF from initial share price
|
| Call: | Automatically at par plus 1.75% if ETF closes at or above initial share price on any quarterly review date other than the first, second, third and final review dates
|
| Initial share price: | $82.64
|
| Trigger level: | $42.452, 55% of initial share price
|
| Pricing date: | Feb. 24
|
| Settlement date: | Feb. 29
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 4%, including 2.5% for selling concessions
|
| Cusip: | 48125VNY2
|
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