By Susanna Moon
Chicago, May 21 – JPMorgan Chase & Co. priced $2.57 million of contingent coupon callable yield notes due May 24, 2017 linked to Eastman Chemical Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7.5% if Eastman Chemical stock closes at or above the barrier level, 75% of the initial share price, on the observation date for that quarter.
The payout at maturity will be par plus the final coupon unless the stock finishes below the 75% barrier level, in which case investors will be fully exposed to any losses.
The notes are callable at par on any interest payment date other than the final date.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Contingent coupon callable yield notes
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| Underlying stock: | Eastman Chemical Co. (Symbol: EMN)
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| Amount: | $2,571,000
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| Maturity: | May 24, 2017
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| Coupon: | 7.5% per year, payable quarterly if stock closes at or above barrier price on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | If stock finishes at or above barrier level, par plus coupon; otherwise, full exposure to any losses
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| Call option: | At par on any interest payment date other than final date
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| Initial share price: | $77.05
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| Barrier level: | $57.7875, 75% of initial price
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| Pricing date: | May 19
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| Settlement date: | May 22
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1.75%
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| Cusip: | 48125UQR6
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