Published on 4/18/2011 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $233,000 13.75% upside autocallables tied to Netflix
By Jennifer Chiou
New York, April 18 - JPMorgan Chase & Co. priced $233,000 of 13.75% upside autocallable single observation reverse exchangeable notes due April 18, 2012 linked to Netflix, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if Netflix stock closes above the initial share price on July 14, Oct. 14, 2011, Jan. 13, 2012 or April 16, 2012.
The payout at maturity will be par unless the final share price is less than 70% of the initial share price, in which case the payout will be a number of Netflix shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, a cash amount equal to the value of those shares.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Upside autocallable single observation reverse exchangeable notes
|
| Underlying stock: | Netflix, Inc. (Nasdaq: NFLX)
|
| Amount: | $233,000
|
| Maturity: | April 18, 2012
|
| Coupon: | 13.75%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless the final share price is less than 70% of the initial share price, in which case the payout will be a number of Netflix shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, a cash amount equal to the value of those shares
|
| Call: | At par if Netflix stock closes above initial share price on July 14, Oct. 14, 2011, Jan. 13, 2012 or April 16, 2012
|
| Initial share price: | $236.73
|
| Protection amount: | $71.019, 30% of initial price
|
| Pricing date: | April 14
|
| Settlement date: | April 19
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 3.61%, including selling concessions for 2.55%
|
| Cusip: | 48125XLK0
|
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