By Jennifer Chiou
New York, March 19 – JPMorgan Chase & Co. priced $10 million of trigger phoenix autocallable optimization securities due March 22, 2018 linked to the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index closes at or above the trigger level, 70% of the initial index level, on a quarterly observation date, the issuer will pay a contingent coupon for that quarter at the rate of 5.5% per year. Otherwise, no coupon will be paid that quarter.
Beginning on March 16, 2016, the notes will be called at par of $10 plus the contingent coupon if the index closes at or above the initial level on a quarterly observation date.
If the notes are not called and the index finishes at or above the trigger level, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be exposed to the index decline from the initial level.
UBS Financial Services Inc. and J.P. Morgan Securities LLC are the agents.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Trigger phoenix autocallable optimization securities
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| Underlying index: | Euro Stoxx 50
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| Amount: | $10 million
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| Maturity: | March 22, 2018
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| Coupon: | 5.5% per year, payable quarterly if index closes at or above trigger level on observation date for that quarter
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| Level: | Par of $10
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| Payout at maturity: | Par plus contingent coupon if index finishes at or above trigger level; otherwise, par plus index return
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| Call: | Automatically at par plus contingent coupon if index closes at or above initial level on any quarterly observation date from March 16, 2016 onward
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| Initial index level: | 3,706.75
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| Trigger level: | 2,594.73, 70% of initial index level
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| Pricing date: | March 17
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| Settlement date: | March 23
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| Agents: | UBS Financial Services Inc. and J.P. Morgan Securities LLC
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| Fees: | 1.5%
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| Cusip: | 48127T822
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