Published on 9/23/2014 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $3.87 million autocallable contingent interest notes linked to three stocks
By Angela McDaniels
Tacoma, Wash., Sept. 23 – JPMorgan Chase & Co. priced $3.87 million of autocallable contingent interest notes due Sept. 22, 2016 linked to the least performing of the common units of Blackstone Group LP, the common stock of Morgan Stanley and the common stock of Citigroup Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a coupon at the rate of 10% per year if each stock closes at or above its trigger price, 60% of its initial share price, on the review date for that quarter.
If each stock closes at or above its respective initial share price on any review date other than the final review date, the notes will be called at par plus the coupon.
If the notes have not been called and each stock finishes at or above its trigger price, the payout at maturity will be par plus the coupon. Otherwise, investors will receive a number of shares of the least-performing stock equal to $1,000 divided by that stock’s initial price or, at the issuer’s election, the cash value of those shares.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying stocks: | Blackstone Group LP (Symbol: BX), Morgan Stanley (Symbol: MS) and Citigroup Inc. (Symbol: C)
|
| Amount: | $3,865,000
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| Maturity: | Sept. 22, 2016
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| Coupon: | Each quarter, notes pay contingent coupon at annual rate of 10% if each stock closes at or above trigger level on review date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each stock finishes at or above trigger price, par plus coupon; otherwise, number of shares of least-performing stock equal to $1,000 divided by that stock’s initial price or, at issuer’s election, cash value of those shares
|
| Call: | Automatically at par plus contingent coupon if each stock closes at or above initial share price on any review date other than final review date
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| Initial share prices: | $33.17 for Blackstone, $35.76 for Morgan Stanley and $53.48 for Citigroup
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| Trigger levels: | $19.902 for Blackstone, $21.456 for Morgan Stanley and $32.088 for Citigroup; 60% of initial share price
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| Pricing date: | Sept. 19
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| Settlement date: | Sept. 24
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| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.5%
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| Cusip: | 48127DC30
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