Published on 2/26/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $4.2 million autocallable reverse exchangeables on four auto stocks
By Marisa Wong
Madison, Wis., Feb. 26 – JPMorgan Chase & Co. priced $4.2 million of 10% autocallable reverse exchangeable notes due Aug. 29, 2016 linked to the least performing of the common stocks of Ford Motor Co. and General Motors Co. and the American Depositary Shares of Toyota Motor Corp. and Honda Motor Co., 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 its trigger value, 75% of its 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 that stock’s initial share price or, at the issuer’s option, a cash amount 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 stocks/ADSs: | Ford Motor Co. (Symbol: F), General Motors Co. (Symbol: GM), Toyota Motor Corp. (Symbol: TM) and Honda Motor Co. (Symbol: HMC)
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| Amount: | $4.2 million
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| Maturity: | Aug. 29, 2016
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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 least-performing stock equal to $1,000 divided by that stock’s initial share price or, at issuer’s option, amount in cash equal to value of those shares
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| Call: | Automatically at par if each stock closes at or above initial share price on any quarterly review date other than final review date
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| Initial share prices: | $16.36 for Ford, $37.75 for GM, $138.34 for Toyota, $33.19 for Honda
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| Trigger prices: | $12.27 for Ford, $28.3125 for GM, $103.755 for Toyota, $24.8925 for Honda; 75% of initial share price
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| Pricing date: | Feb. 24
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| Settlement date: | Feb. 27
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.75%
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| Cusip: | 48125UGF3
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