Published on 12/30/2013 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $65,000 9% reverse exchangeables linked to HP
By Angela McDaniels
Tacoma, Wash., Dec. 30 - JPMorgan Chase & Co. priced $65,000 of 9% reverse exchangeable notes due Dec. 29, 2014 linked to the common stock of Hewlett-Packard Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par in cash unless the closing price of HP shares declines by more than 20% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of HP shares equal to $1,000 divided by the initial share price.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse exchangeable notes
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Underlying stock: | Hewlett-Packard Co. (Symbol: HPQ)
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Amount: | $65,000
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Maturity: | Dec. 29, 2014
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Coupon: | 9%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless HP shares decline by more than buffer amount during life of notes and finish below initial share price, in which case 35.3232 shares of HP stock
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Initial share price: | $28.31
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Buffer amount: | $5.662, or 20% of initial share price
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Pricing date: | Dec. 26
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Settlement date: | Dec. 31
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Agent: | J.P. Morgan Securities LLC
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Fees: | 2.737%
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Cusip: | 48126NP43
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