By Susanna Moon
Chicago, July 22 – JPMorgan Chase & Co. priced $3.6 million autocallable contingent interest notes due Oct. 22, 2015 linked to the Market Vectors Gold Miners exchange-traded fund, according to an FWP with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6% if the fund closes at or above the barrier level, 75% of the initial share price, on the review date for that quarter.
The notes will be called at par plus the contingent coupon if the fund closes at or above the initial share price on any quarterly review date other than the final review date.
If the fund finishes at or above the initial level or never closes below the barrier level during the life of the notes, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will be fully exposed to any losses.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Autocallable contingent interest notes
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Underlying fund: | Market Vectors Gold Miners ETF
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Amount: | $3,603,000
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Maturity: | Oct. 22, 2015
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Coupon: | 8% annualized for each quarter that fund closes at or above barrier level on review date for that quarter
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Price: | Par
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Payout at maturity: | Par plus contingent coupon unless the fund falls or ever dips below barrier level, in which case shares
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Call: | At par plus contingent coupon if fund closes at or above initial share price on any quarterly review date other than final review date
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Initial level: | $26.90
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Barrier level: | 75% of initial share price
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Pricing date: | July 18
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Settlement date: | July 23
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Agent: | J.P. Morgan Securities LLC
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Fees: | 1.5%
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Cusip: | 48127DSM1
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