Published on 5/23/2013 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $10 million callable contingent interest notes linked to indexes, fund
By Toni Weeks
San Luis Obispo, Calif., May 23 - JPMorgan Chase & Co. priced $10 million of callable contingent interest notes due May 24, 2018 linked to the least performing of the S&P 500 index, the Russell 2000 index and the iShares MSCI EAFE index fund, according to a 424B2 filing with the Securities and Exchange Commission.
If each component closes at or above its trigger level on a quarterly review date, the notes will pay a coupon at an annualized rate of 8% for that quarter.
The notes are callable at par plus the contingent coupon on any quarterly interest payment date other than the final date.
The payout at maturity will be par plus the contingent coupon unless either index or the fund closes below its 60% trigger level on the May 17, 2018 final review date, in which case the payout will be par plus the return of the worst-performing component, with full exposure to losses.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Callable contingent interest notes
|
| Underlying components: | S&P 500 index, Russell 2000 index and iShares MSCI EAFE index fund
|
| Amount: | $10 million
|
| Maturity: | May 24, 2018
|
| Coupon: | 8%, annualized and payable quarterly if each component closes at or above barrier price on review date for that interest period; otherwise, no coupon will be paid for that interest period; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless any component finishes below trigger level on May 17, 2018, in which case investors share fully in decline of worst-performing component
|
| Call option: | At par plus the contingent coupon on any quarterly interest payment date other than the final date
|
| Initial levels: | 1,658.78 for S&P 500, 988.54 for Russell 2000 and $63.06 for iShares MSCI EAFE
|
| Barrier/trigger levels: | 995.268 for S&P 500, 593.124 for Russell and $37.836 for iShares MSCI EAFE, 60% of initial levels
|
| Pricing date: | May 21
|
| Settlement date: | May 24
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.7%
|
| Cusip: | 48126NAB3
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
