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JPMorgan plans 5%-7% autocallable reverse exchangeable notes on Chevron
By Susanna Moon
Chicago, April 8 – JPMorgan Chase & Co. plans to price 5% to 7% autocallable reverse exchangeable notes due July 20, 2016 linked to Chevron Corp. shares, according to an FWP with the Securities and Exchange Commission.
Interest is payable monthly. The exact rate will be set at pricing.
The notes will be called at par if Chevron stock closes at or above the initial share price on any review date other than the final date.
A trigger event occurs if the stock closes below the 80% trigger level on any day during the life of the notes.
The payout at maturity will be par plus the final coupon unless the stock falls or a trigger event has occurred, in which case the payout will be a number of Chevron shares equal to $1,000 divided by the initial share price.
J.P. Morgan Securities LLC is the agent.
The notes will price on April 15 and settle on April 20.
The Cusip number is 46625HKE9.
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