Published on 9/17/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $2.15 million autocallable reverse exchangeables on transport stocks
By Marisa Wong
Morgantown, W.Va., Sept. 17 – JPMorgan Chase & Co. priced $2.15 million of 10% autocallable reverse exchangeable notes due March 20, 2017 linked to the least performing of the common stocks of FedEx Corp., Union Pacific Corp. and United Parcel Service, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if each stock closes at or above its initial share price on any quarterly review date other than the final review date.
If the notes are not called, the payout at maturity will be par unless the final share price of any stock is less than the trigger price, 70% of the initial share price, in which case the payout will be a number of shares of the least performing stock equal to $1,000 divided by the initial share price of that stock.
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: | FedEx Corp. (Symbol: FDX), Union Pacific Corp. (Symbol: UNP) and United Parcel Service, Inc. (Symbol: UPS)
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| Amount: | $2.15 million
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| Maturity: | March 20, 2017
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| Coupon: | 10%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless final share price of any stock is less than trigger price, in which case number of shares of the least performing stock equal to $1,000 divided by the initial share price of that stock
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| Call: | At par if stock closes at or above initial share price on any quarterly review date other than the final review date
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| Initial share prices: | $154.00 for FedEx, $87.98 for Union Pacific, $100.52 for UPS
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| Trigger value: | $107.80 for FedEx, $61.586 for Union Pacific, $70.364 for UPS; 70% of initial share price
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| Pricing date: | Sept. 15
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| Settlement date: | Sept. 18
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.335%
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| Cusip: | 46625HNF3
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