Published on 1/23/2013 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $11.24 million contingent absolute return autocallables on United Rentals
By Angela McDaniels
Tacoma, Wash., Jan. 23 - JPMorgan Chase & Co. priced $11.24 million of 0% contingent absolute return autocallable optimization securities due Jan. 27, 2014 linked to the common stock of United Rentals, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus an annualized call premium of 13.03% if United Rentals stock closes at or above the initial share price on any quarterly observation date.
If the notes are not called and the final share price is greater than or equal to the trigger price, 60% of the initial share price, the payout at maturity will be par plus the absolute value of the stock return. Otherwise, investors will be fully exposed to the stock decline.
UBS Financial Services Inc. and J.P. Morgan Securities LLC are the agents.
Issuer: | JPMorgan Chase & Co.
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Issue: | Contingent absolute return autocallable optimization securities
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Underlying stock: | United Rentals, Inc. (Symbol: URI)
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Amount: | $11,236,490
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Maturity: | Jan. 27, 2014
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Coupon: | 0%
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Price: | Par of $10.00
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Payout at maturity: | If final share price is greater than or equal to trigger price, par plus absolute value of stock return; otherwise, full exposure to stock decline
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Call: | At par plus 13.03% per year if United Rentals stock closes at or above initial share price on April 18, 2013, July 18, 2013, Oct. 18, 2013 or Jan. 21, 2014
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Initial share price: | $50.04
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Trigger price: | $30.02, 60% of initial share price
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Pricing date: | Jan. 18
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Settlement date: | Jan. 24
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Agents: | UBS Financial Services Inc. and J.P. Morgan Securities LLC
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Fees: | 1.5%
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Cusip: | 48126E339
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