By Angela McDaniels
Tacoma, Wash., Oct. 14 – JPMorgan Chase & Co. priced $3 million of 0% autocallable dual directional securities due Oct. 12, 2017 linked to class A common stock of Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a call premium of 5% per year if the stock closes at or above the initial share price on any of seven quarterly observation dates.
If the notes are not called and the final share price is greater than or equal to the initial share price, the payout at maturity will be $11 per $10 principal amount of notes.
If the final share price is less than the initial share price but has not declined by more than 50%, the payout will be par plus the absolute value of the stock return.
If the stock has declined by more than 50%, investors will lose 1% for every 1% decline in the final share price from the initial share price.
J.P. Morgan Securities LLC is the agent. Distribution is through Morgan Stanley Smith Barney LLC.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable dual directional securities
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| Underlying stock: | Facebook, Inc. (Symbol: FB)
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| Amount: | $3 million
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| Maturity: | Oct. 12, 2017
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| Coupon: | 0%
|
| Price: | Par of $10.00
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| Payout at maturity: | If final share price is greater than or equal to initial share price, par plus 10%; if final share price is less than initial share price but greater than or equal to trigger level, par plus absolute value of stock return; if final share price is less than trigger level, 1% loss for every 1% decline in final share price from initial share price
|
| Call: | Automatically at par plus call premium of 5% per year if stock closes at or above initial share price on any of seven quarterly observation dates
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| Initial share price: | $93.24
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| Trigger level: | $46.62, 50% of initial share price
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| Pricing date: | Oct. 9
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| Settlement date: | Oct. 15
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| Agent: | J.P. Morgan Securities LLC
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| Distribution: | Morgan Stanley Smith Barney LLC
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| Fees: | 1.65%
|
| Cusip: | 48127Y557
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