By Toni Weeks
San Luis Obispo, Calif., May 21 - JPMorgan Chase & Co. priced $1.57 million of autocallable contingent interest notes due May 22, 2015 linked to the Market Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
If the fund closes at or above its 70% interest barrier level on a quarterly review date, the notes will pay a coupon at an annual rate of 8% for that period.
The notes will be automatically called at par plus the contingent coupon if the fund closes at or above its initial level on any quarterly review date other than the final review date.
A trigger event occurs if the fund closes below its trigger level, 70% of its initial level, during the life of the notes.
If the notes are not called and a trigger event has not occurred or the fund finishes at or above its initial level, the payout at maturity will be par plus the contingent coupon. If the final share price is less than the initial level and a trigger event has occurred, investors will be fully exposed to the fund decline.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying fund: | Market Vectors Gold Miners exchange-traded fund
|
| Amount: | $1,568,000
|
| Maturity: | May 22, 2015
|
| Coupon: | 8% per year, payable quarterly if each fund closes at or above its 70% interest barrier level
|
| Price: | Par
|
| Payout at maturity: | If fund return is zero or positive or a trigger event has not occurred, par; if fund finishes below initial level and trigger event has occurred, full exposure to decline in share price
|
| Trigger event: | Fund closes below 70% trigger level during life of notes
|
| Call: | At par plus contingent coupon if fund closes at or above initial level on Aug. 19, Nov. 19 or Feb. 19, 2015
|
| Initial level: | $23.41
|
| Barrier/trigger level: | $16.387, 70% of initial level
|
| Pricing date: | May 19
|
| Settlement date: | May 22
|
| Underwriter: | J.P. Morgan Securities LLC
|
| Fees: | 1.5%
|
| Cusip: | 48127DJF6
|
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