By Marisa Wong
Madison, Wis., April 29 - JPMorgan Chase & Co. priced $10.38 million of contingent income autocallable securities due April 30, 2015 linked to Bank of America Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If Bank of America stock closes at or above the 80% downside threshold level on a quarterly review date, the notes will pay a contingent payment of 2.25% for that quarter.
If the stock closes at or above the initial level on any determination date other than the final determination date, the notes will be redeemed at par of $10 plus the contingent payment.
If the notes are not called, the payout at maturity will be par plus the contingent payment unless the stock finishes below the downside threshold level, in which case the payout will be a number of Bank of America shares equal to $10 divided by the initial share price or, at the issuer's option, the cash equivalent.
J.P. Morgan Securities LLC is the underwriter with Morgan Stanley Smith Barney LLC as distributor.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Bank of America Corp. (Symbol: BAC)
|
| Amount: | $10,375,940
|
| Maturity: | April 30, 2015
|
| Coupon: | 2.25% per quarter if closing price is at least 80% of initial price on quarterly determination date; otherwise, none
|
| Price: | Par of $10
|
| Payout at maturity: | If final share price is at least 80% of initial price, par plus contingent payment; otherwise, 0.62696 Bank of America shares
|
| Initial price: | $15.95
|
| Downside threshold: | $12.76, 80% of initial share price
|
| Call: | At par plus contingent coupon if stock closes at or above initial price on any determination date other than final determination date
|
| Pricing date: | April 25
|
| Settlement date: | April 30
|
| Agent: | J.P. Morgan Stanley Securities LLC with Morgan Stanley Smith Barney LLC as distributor
|
| Fees: | 1.5%
|
| Cusip: | 48127F756
|
© 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.
