New Issue: JPMorgan prices $2.17 million 7.25% upside autocallable reverse exchangeables on Apple

By Jennifer Chiou

New York, Oct. 17 - JPMorgan Chase & Co. priced $2,167,000 of 7.25% upside autocallable reverse exchangeable notes due Oct. 20, 2014 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable quarterly.

The notes will be called at par plus accrued interest if Apple stock closes at or above the initial share price on any of three quarterly call dates.

The payout at maturity will be par in cash unless Apple stock finishes below the initial price by more than 25%, in which case investors will receive a number of Apple shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the cash equivalent.

J.P. Morgan Securities LLC is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Upside autocallable reverse exhangeable notes
Underlying stock:	Apple Inc. (Symbol: AAPL)
Amount:	$2,167,000
Maturity:	Oct. 20, 2014
Coupon:	7.25%, payable quarterly
Price:	Par
Payout at maturity:	Par in cash unless Apple shares finish below 75% of the initial price, in which case Apple shares equal to $1,000 divided by the initial share price or cash equivalent
Initial price:	$498.68
Buffer amount:	$124.67, 25% of initial share price
Call:	At par plus accrued interest if closing price is equal to or greater than initial price on any quarterly call date beginning on Jan. 15, 2014
Pricing date:	Oct. 15
Settlement date:	Oct. 18
Agent:	J.P. Morgan Securities LLC
Fees:	1.5%, all for selling concessions
Cusip:	48126NWA1

© 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.