Published on 1/21/2016 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $7.93 million contingent income callable notes on three indexes
By Susanna Moon
Chicago, Jan. 21 – JPMorgan Chase & Co. priced $7.93 million of contingent income callable securities due Jan. 19, 2018 linked to the worst performing of the Euro Stoxx 50 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.82% if each index closes at or above its barrier level, 65% of its initial index level, on the determination date for that quarter.
The notes are callable at par on any quarterly determination date other than the final one.
The payout at maturity will be par plus the final contingent coupon unless any index finishes below the 65% barrier level, in which case investors will be fully exposed to any losses of the worst performing index.
J.P. Morgan Securities LLC is the agent. Distribution is through Morgan Stanley Smith Barney LLC.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Contingent income callable securities
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| Underlying indexes: | Euro Stoxx 50, S&P 500 and Russell 2000
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| Amount: | $7,934,000
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| Maturity: | Jan. 19, 2018
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| Coupon: | 10.82% per year, payable quarterly if each index closes at or above its barrier level on determination date for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | If each index finishes at or above barrier level, par plus final contingent coupon; otherwise, full exposure to any losses of worst performing index
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| Call option: | At par on any quarterly determination date other than final one
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| Initial levels: | 2,952.48 for Euro Stoxx, 1,880.33 for S&P and 1,007.725 for Russell
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| Barrier levels: | 1,919.112 for Euro Stoxx, 1,222.2145 for S&P and 655.02125 for Russell; 65% of initial index levels
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| Pricing date: | Jan. 15
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| Settlement date: | Jan. 21
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| Agent: | J.P. Morgan Securities LLC
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| Distribution: | Morgan Stanley Wealth Management
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| Fees: | 1.5%
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| Cusip: | 48128GJP6
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