Published on 3/21/2014 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $7.5 million contingent coupon callable notes on S&P 500, Russell 2000
By Toni Weeks
San Luis Obispo, Calif., March 21 - JPMorgan Chase & Co. priced $7.5 million of contingent coupon callable yield notes due June 24, 2015 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon of 5.1% per year if each index closes at or above its barrier level, 65% of its initial level, on the observation date for that quarter.
The payout at maturity will be par unless either index finishes below its 65% knock-in level, in which case investors will be fully exposed to the decline of the worst-performing index.
Beginning on June 26, the notes are callable at par on any interest payment date other than the final payment date.
J.P. Morgan Securities LLC is the placement agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Contingent coupon callable yield notes
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| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $7.5 million
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| Maturity: | June 24, 2015
|
| Coupon: | 5.1% per year, payable quarterly if each index closes at or above its barrier level, 65% of its initial level, on the observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index falls by more than 35% on June 19, 2015, in which case full exposure to decline of worst-performing index
|
| Call option: | At par on any interest payment date beginning June 26 other than maturity date
|
| Initial index levels: | 1,860.77 for S&P, 1,195.6606 for Russell
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| Barrier levels: | 1,209.5005 for S&P, 777.17939 for Russell, 65% of initial levels
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| Pricing date: | March 19
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| Settlement date: | March 24
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.25%
|
| Cusip: | 48127DCD8
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