Published on 1/28/2016 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $2.96 million contingent interest autocallables on three stocks
By Tali Rackner
Norfolk, Va., Jan. 28 – JPMorgan Chase & Co. priced $2.96 million of autocallable contingent interest notes due Jan. 30, 2018 linked to the least performing of the common stocks of Chevron Corp., Delta Air Lines, Inc. and FedEx Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 11.95% if each stock closes at or above the 50% interest barrier level on a review date for that month.
The notes will be called at par plus the coupon if each stock closes at or above the initial share price on any autocall review date.
If the notes have not been called and each stock finishes at or above the 50% trigger level, the payout at maturity will be par plus the coupon.
Otherwise, investors will be fully exposed to any losses of the worst performing stock.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Autocallable contingent interest notes
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| Underlying stocks: | Chevron Corp., Delta Air Lines, Inc., FedEx Corp.
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| Amount: | $2,964,000
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| Maturity: | Jan. 30, 2018
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| Coupon: | 11.95% per year, payable monthly if each stock closes at or above barrier that month
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| Price: | Par of $1,000
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| Payout at maturity: | Par plus contingent coupon unless any stock finishes below 50% trigger level, in which case full exposure to losses of worst-performing stock
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| Call: | At par plus contingent coupon if each stock closes at or above initial level on any autocall review date
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| Initial levels: | $80.89 for Chevron, $45.94 for Delta, $126.04 for FedEx
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| Barrier/trigger level: | $40.445 for Chevron, $22.97 for Delta, $63.02 for FedEx, 50% of initial levels
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| Pricing date: | Jan. 25
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| Settlement date: | Jan. 28
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 3.35%
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| Cusip: | 48128GJX9
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