Published on 12/16/2014 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $474,000 8% upside autocallable reverse exchangeables on Chevron
By Marisa Wong
Madison, Wis., Dec. 16 – JPMorgan Chase & Co. priced $474,000 of 8% upside autocallable reverse exchangeable notes due March 17, 2016 linked to the common stock of Chevron Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be called at par plus accrued interest if Chevron stock closes at or above the initial share price on June 12, 2015, Sept. 14, 2015 or Dec. 14, 2015.
If the notes are not called, the payout at maturity will be par unless Chevron stock finishes below the initial share price and closes below the buffer level, 80% of the initial share price, on any day during the life of the notes, in which case the payout will be a number of Chevron shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash value of those shares.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Upside autocallable reverse exhangeable notes
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| Underlying stock: | Chevron Corp. (Symbol: CVX)
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| Amount: | $474,000
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| Maturity: | March 17, 2016
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| Coupon: | 8%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless Chevron stock finishes below initial share price and closes below 80% of initial share price on any day during life of notes, in which case 9.7675 Chevron shares or, at issuer’s option, cash value of those shares
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| Initial price: | $102.38
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| Buffer amount: | $20.476, 20% of initial share price
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| Call: | At par plus accrued interest if Chevron stock closes at or above the initial share price on June 12, 2015, Sept. 14, 2015 or Dec. 14, 2015
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| Pricing date: | Dec. 12
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| Settlement date: | Dec. 17
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1.5%, all for selling concessions
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| Cusip: | 48127D2T4
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