Published on 12/20/2011 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $550,000 10% autocallable reverse exchangeables tied to Chesapeake Energy
By Toni Weeks
San Diego, Dec. 20 - JPMorgan Chase & Co. priced $550,000 of 10% upside autocallable single observation reverse exchangeable notes due Dec. 20, 2012 linked to Chesapeake Energy Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes are callable at par on a quarterly call date beginning March 19 if the closing price of Chesapeake Energy stock is greater than the initial share price.
The payout at maturity will be par unless Chesapeake Energy stock closes below the trigger price - 65% of the initial share price - on the observation date, in which case the payout will be a number of shares of Chesapeake Energy stock equal to $1,000 divided by the 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.
|
| Issue: | Upside autocallable single observation reverse exchangeable notes
|
| Underlying stock: | Chesapeake Energy Corp. (Symbol: CHK)
|
| Amount: | $550,000
|
| Maturity: | Dec. 20, 2012
|
| Coupon: | 10%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If stock closes below 65% of initial price on Dec. 17, 2012, 43.5161 shares of Chesapeake Energy stock; otherwise, par
|
| Initial share price: | $22.98
|
| Protection amount: | $8.043, 35% of initial share price
|
| Physical delivery amount: | 43.5161 shares per $1,000 principal amount of notes
|
| Call: | At par on a quarterly call date beginning March 19 if the closing share price is greater than the initial share price
|
| Pricing date: | Dec. 16
|
| Settlement date: | Dec. 20
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 5.091%, including 3.555% for selling concessions
|
| Cusip: | 48125VFV7
|
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