Published on 4/7/2014 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $5.05 million autocallables linked to S&P 500, Nikkei 225
By Angela McDaniels
Tacoma, Wash., April 7 - JPMorgan Chase & Co. priced $5.05 million of 0% autocallable notes due April 10, 2017 linked to the lesser performing of the S&P 500 index and the Nikkei 225 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a premium of 10.45% per year if each index closes at or above its call level on any annual call valuation date. The call level is 100% of the initial index level for the first call valuation date, 95% of the initial level for the second call valuation date and 90% of the initial level for the final call valuation date.
If the notes are not called and the final level of each index is greater than or equal to its barrier level, 75% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the final level of the lesser performing index is less than its initial level.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable notes
|
| Underlying indexes: | S&P 500 and Nikkei 225
|
| Amount: | $5.05 million
|
| Maturity: | April 10, 2017
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par if each index finishes at or above barrier level; otherwise, 1% loss for every 1% that final level of lesser performing index is less than initial level
|
| Call: | Automatically at par plus 10.45% per year if each index closes at or above call level on any annual call valuation date
|
| Initial index levels: | 1,888.77 for S&P 500 and 15,071.88 for Nikkei 225
|
| Barrier levels: | 1,416.5775 for S&P 500 and 11,303.91 for Nikkei 225; 75% of initial levels
|
| Call level: | 100% of initial index level on April 9, 2015, 95% of initial level on April 5, 2016 and 90% of initial level on April 5, 2017
|
| Pricing date: | April 3
|
| Settlement date: | April 8
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 2.25%
|
| Cusip: | 48127DDW5
|
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