By Jennifer Chiou
New York, Jan. 12 – JPMorgan Chase & Co. priced $2,322,000 of autocallable contingent interest notes due Jan. 12, 2017 linked to the least performing of the common units of the Blackstone Group LP and the common stocks of Morgan Stanley and Citigroup Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a coupon of 2.75% if each asset closes at or above its barrier price, 60% of the initial share price, on the review date for that quarter.
If each asset closes at or above its respective initial price on any quarterly review date other than the final review date, the notes will be called at par plus any contingent interest.
If the notes have not been called and each asset finishes at or above its 60% trigger price, the payout at maturity will be par plus the coupon. Otherwise, investors will be fully exposed to the share price decline of the least-performing asset.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Autocallable contingent interest notes
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| Underlying units/stocks: | Blackstone Group LP (Symbol: BX), Morgan Stanley (Symbol: MS) and Citigroup Inc. (Symbol: C)
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| Amount: | $2,322,000
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| Maturity: | Jan. 12, 2017
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| Coupon: | 11% per year, payable quarterly if each asset closes at or above its barrier price on review date for that quarter
|
| Price: | Par
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| Payout at maturity: | If each asset finishes at or above trigger price, par plus contingent coupon; otherwise, full exposure to the decline of the least-performing asset
|
| Call: | At par plus contingent coupon if each asset closes at or above its respective initial price on any quarterly review date other than the final review date
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| Initial levels: | $33.71 for Blackstone, $37.49 for Morgan Stanley, $51.94 for Citigroup
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| Barrier/trigger prices: | 60% of initial price
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| Pricing date: | Jan. 8
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| Settlement date: | Jan. 13
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1.5%
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| Cusip: | 48127D5R5
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