Published on 1/4/2016 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $3.1 million 9% autocallable reverse convertibles linked to stocks
By Susanna Moon
Chicago, Jan. 4 – JPMorgan Chase & Co. priced $3.1 million of 9% autocallable reverse convertible securities due July 3, 2017 linked to the common stocks of BlackRock, Inc., Franklin Resources, Inc., Goldman Sachs Group, Inc. and Morgan Stanley, 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 the initial share price on any review Date other than the final date.
The payout at maturity will be par unless any stock finishes below the trigger level, 65% of the initial share price, in which case investors will receive a number of shares of the worst performing stock 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 underwriter.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Autocallable reverse convertible securities
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| Underlying stock: | BlackRock, Inc. (Symbol: BLK), Franklin Resources, Inc. (Symbol: BEN), Goldman Sachs Group, Inc. (Symbol: GS) and Morgan Stanley (Symbol: MS)
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| Amount: | $3.1 million
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| Maturity: | July 3, 2017
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| Coupon: | 9%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any stock falls below trigger level, in which case shares of the worst performing stock equal to $1,000 divided by the initial share price
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| Call: | At par if each stock closes at or above initial share price on any review date other than the final date
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| Initial level: | $342.45 for BlackRock, $36.92 for Franklin Resources, $181.62 for Goldman Sachs and $32.17 for Morgan Stanley
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| Trigger level: | $214.0313 for BlackRock, $23.075 for Franklin Resources, $113.5125 for Goldman Sachs and $20.1063 for Morgan Stanley; 62.5% of initial share price
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| Pricing date: | Dec. 28
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| Settlement date: | Dec. 31
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.66%
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| Cusip: | 46625HPV6
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