Published on 4/7/2016 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $414,000 8% callable reverse exchangeables on Facebook
By Susanna Moon
Chicago, April 7 – JPMorgan Chase & Co. priced $414,000 of 8% callable reverse exchangeable notes due April 12, 2017 linked to 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 are callable at par plus accrued interest on either call date.
The payout at maturity will be par unless Facebook shares ever close below the trigger level, 70% of the initial share price, during the life of the notes and finish below the initial share price, in which case investors will receive a number of Facebook shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Callable reverse exchangeable notes
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Underlying stock: | Facebook, Inc. (Symbol: FB)
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Amount: | $414,000
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Maturity: | April 12, 2017
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Coupon: | 8%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless stock falls and closes below trigger price on any day during life of notes, in which case 8.9111 Facebook shares
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Call option: | At par plus accrued interest on Oct. 13, 2016 or Jan. 12, 2017
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Initial level: | $112.22
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Trigger level: | $78.554, 70% of initial level
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Pricing date: | April 5
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Settlement date: | April 8
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Agent: | J.P. Morgan Securities LLC
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Fees: | 1.5%
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Cusip: | 46625HQQ6
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