Published on 4/29/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $3.2 million autocallable reverse exchangeables on Twitter, Facebook
By Toni Weeks
San Luis Obispo, Calif., April 29 – JPMorgan Chase & Co. priced $3.2 million of 10% autocallable reverse exchangeable notes due Nov. 1, 2016 linked to the common stock of Twitter, Inc. and the class A common stock of Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus the coupon if each stock closes at or above its initial level on any quarterly review date other than the final date.
If the notes are not called and each stock finishes at or above its trigger value, 65% of the initial value, the payout at maturity will be par. Otherwise, the payout will be a number of shares of the worst-performing stock equal to $1,000 divided by its initial value.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Autocallable reverse exchangeable notes
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| Underlying stocks: | Twitter, Inc. (Symbol: TWTR) and Facebook, Inc. (Symbol: FB)
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| Amount: | $3.2 million
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| Maturity: | Nov. 1, 2016
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| Coupon: | 10%, payable monthly
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above its trigger value, par; otherwise, a number of shares of worst-performing stock equal to $1,000 divided by its initial value
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| Call: | At par plus coupon if each stock closes at or above its initial price on any quarterly review date other than final date
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| Initial values: | $51.66 for Twitter, $81.91 for Facebook
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| Trigger values: | $33.579 for Twitter, $53.2415 for Facebook, 65% of initial values
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| Pricing date: | April 27
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| Settlement date: | April 30
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.784%
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| Cusip: | 48127TAB9
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