New Issue: JPMorgan prices $295,000 9% airbag yield notes linked to Macy’s

By Susanna Moon

Chicago, Oct. 23 – JPMorgan Chase & Co. priced $295,000 of 9% airbag yield optimization securities due Jan. 26, 2015 linked to Macy’s Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless the final share price is less than the conversion price, in which case the payout will be a number of Macy’s shares equal to $1,000 divided by the conversion price. The conversion price is 90% of the initial share price.

UBS Financial Services Inc. and J.P. Morgan Securities LLC are the agents.

Issuer:	JPMorgan Chase & Co.
Issue:	Airbag yield optimization securities
Underlying stock:	Macy’s Inc. (Symbol: M)
Amount:	$295,000
Maturity:	Jan. 26, 2015
Coupon:	9% annualized, payable monthly
Price:	Par
Payout at maturity:	If final share price is less than conversion price, number of Macy’s shares equal to $1,000 divided by the conversion price; otherwise, par
Call:	At par if Macy’s shares close at or above the initial share price on any quarterly observation date
Initial share price:	$56.21
Conversion price:	$50.59, 90% of initial price
Pricing date:	Oct. 20
Settlement date:	Oct. 23
Agents:	UBS Financial Services Inc. and J.P. Morgan Securities LLC
Fees:	0.3%
Cusip:	48127H240

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