Published on 3/18/2014 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $560,000 autocallable contingent interest notes linked to AngloGold Ashanti
By Angela McDaniels
Tacoma, Wash., March 18 - JPMorgan Chase & Co. priced $560,000 of autocallable contingent interest notes due April 1, 2015 linked to the American Depositary Shares of AngloGold Ashanti Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a coupon at an annual rate of 13.5% if AngloGold Ashanti ADSs close at or above the trigger level, 65% of the initial ADS price, on the review date for that quarter.
The notes will be called at par plus the contingent coupon if AngloGold Ashanti ADSs close at or above the initial ADS price on any quarterly review date other than the final review date.
If the notes have not been called and the ADSs finish at or above the trigger level, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be fully exposed to the decline in the ADS price.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying shares: | AngloGold Ashanti Ltd. (Symbol: AU)
|
| Amount: | $560,000
|
| Maturity: | April 1, 2015
|
| Coupon: | 3.375% (equivalent to 13.5% per year) payable quarterly if AngloGold Ashanti ADSs close at or above trigger level on review date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless AngloGold Ashanti ADSs finish below trigger level, in which case investors share fully in losses
|
| Call: | Automatically at par plus contingent coupon if AngloGold Ashanti ADSs close at or above initial share price on June 26, 2014, Sept. 25, 2014 or Dec. 26, 2014
|
| Initial ADS price: | $19.36
|
| Final ADS price: | Average of closing ADS prices on March 23, 2015, March 24, 2015, March 25, 2015, March 26, 2015 and March 27, 2015
|
| Trigger level: | $12.584, 65% of initial ADS price
|
| Pricing date: | March 14
|
| Settlement date: | March 19
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 48127DBK3
|
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