Published on 1/16/2013 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.4 million autocallable contingent interest notes on three stocks
By Toni Weeks
San Diego, Jan. 16 - JPMorgan Chase & Co. priced $1.4 million of autocallable contingent interest notes due Jan. 20, 2015 linked to the common stocks of Dow Chemical Co., Ford Motor Co. and Goldman Sachs Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If the closing price of each stock is at or above the 70% trigger level on a monthly review date, the notes will pay a coupon that month at an annualized rate of 17.7%.
If the closing price of each stock is at or above the initial share price on any review date other than the final review date, the notes will be called at par plus the coupon.
If the notes have not been called and each stock finishes at or above its trigger level, the payout at maturity will be par plus the coupon. Otherwise, investors will receive a number of shares of the least-performing stock equal $1,000 divided by the initial price of that stock.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
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| Underlying stocks: | Dow Chemical Co. (Symbol: DOW), Ford Motor Co. (Symbol: F) and Goldman Sachs Group, Inc. (Symbol: GS)
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| Amount: | $1.4 million
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| Maturity: | Jan. 20, 2015
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| Coupon: | 17.7% annualized if the closing price of each stock is at or above trigger level on monthly review date
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above trigger level, par; otherwise, investors will receive a number of shares of the least-performing stock equal to $1,000 divided by initial price of that stock
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| Call: | At par plus contingent coupon if stocks close above initial prices on any review date other than the final review date
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| Initial share prices: | $33.84 for Dow Chemical, $13.83 for Ford, $137.37 for Goldman Sachs
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| Trigger prices: | $23.688 for Dow Chemical, $9.681 for Ford, $96.159 for Goldman Sachs, 70% of initial share prices
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| Pricing date: | Jan. 14
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| Settlement date: | Jan. 17
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| Underwriter: | J.P. Morgan Securities LLC
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| Fees: | 2.7%, including 1.5% for selling concessions
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| Cusip: | 48126DSY6
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