JPMorgan plans autocallable contingent interest notes linked to Apple

By Angela McDaniels

Tacoma, Wash., Nov. 13 – JPMorgan Chase & Co. plans to price autocallable contingent interest notes due Nov. 28, 2016 linked to the common stock of Apple Inc., according to an FWP filing with the Securities and Exchange Commission.

Each quarter, the notes pay a contingent coupon if Apple shares close at or above the trigger level, 70% of the initial share price, on the review date for that quarter. The contingent coupon rate is expected to be 7.5% to 9.5% per year and will be set at pricing.

The notes will be automatically called at par plus the contingent coupon if Apple shares close at or above the initial share price on any review date other than the final review date.

The payout at maturity will be par plus the final contingent interest payment unless the final share price is less than the trigger level, in which case investors will receive a number of Apple shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.

J.P. Morgan Securities LLC is the agent.

The notes will price Nov. 20.

The Cusip number is 48127YAD4.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.