Published on 10/22/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.89 million autocallable reverse exchangeables linked to Facebook
By Tali Rackner
Norfolk, Va., Oct. 22 – JPMorgan Chase & Co. priced $1.89 million of 8% autocallable reverse exchangeable notes due Oct. 25, 2016 linked to the common stock of Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Beginning April 20, 2016, the notes will be called at par if Facebook stock closes at or above the initial share price on any review date other than the final one.
If the notes are not called, the payout at maturity will be par unless the final share price is less than the initial share price and the stock closes below the trigger price, 65% of the initial share price, on any day during the life of the notes, in which case the payout will be a number of Facebook shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
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 stock: | Facebook, Inc. (Symbol: FB)
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| Amount: | $1,892,000
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| Maturity: | Oct. 25, 2016
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| Coupon: | 8%, payable monthly
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless final share price is less than initial share price and stock closes below trigger price on any day during life of notes, in which case 10.3093 Facebook shares or cash amount equal to value of those shares
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| Call: | At par if stock closes at or above initial share price on any review date other than final one, beginning April 20, 2016
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| Initial share price: | $97
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| Trigger value: | $63.05, 65% of initial share price
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| Pricing date: | Oct. 20
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| Settlement date: | Oct. 23
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1.5%
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| Cusip: | 46625HNV8
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