By Toni Weeks
San Luis Obispo, Calif., Feb. 5 - JPMorgan Chase & Co. priced $10.1 million of contingent income autocallable securities due Feb. 3, 2017 linked to Hewlett-Packard Co. shares, according to an FWP with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at a rate of 2.675% per quarter if Hewlett-Packard stock closes at or above the 75% downside threshold level on the determination date for that quarter.
If the shares close at or above the initial stock price on any quarterly determination date other than the final date, the notes will be called at par plus the contingent coupon.
If the notes are not called and Hewlett-Packard stock finishes at or above the 75% trigger level, the payout at maturity will be par plus the contingent payment.
Otherwise, investors will receive a number of shares of Hewlett-Packard stock equal to $10 divided by the initial share price or, at the issuer's option, the cash value of those shares.
J.P. Morgan Stanley Securities LLC is the agent with Morgan Stanley Smith Barney LLC as dealer.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Hewlett-Packard Co. (Symbol: HPQ)
|
| Amount: | $10, 103,250
|
| Maturity: | Feb. 3, 2017
|
| Coupon: | 2.675% per quarter if closing price is at least 75% of initial price on quarterly determination date; otherwise, none
|
| Price: | Par
|
| Payout at maturity: | If final share price is at least 75% of initial price, par plus contingent quarterly payment; otherwise, 0.34483 shares of Hewlett-Packard stock or, at issuer's option, equivalent cash value
|
| Initial price: | $29.00
|
| Downside threshold level: | $21.75, 75% of initial share price
|
| Call: | Par plus contingent payment if closing share price greater than or equal to initial share price on any quarterly determination date other than final date
|
| Pricing date: | Jan. 30
|
| Settlement date: | Feb. 5
|
| Agent: | J.P. Morgan Stanley Securities LLC with Morgan Stanley Smith Barney LLC as dealer
|
| Fees: | 1.5%, used for selling concessions
|
| Cusip: | 48127A179
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
