Published on 8/22/2014 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $12.35 million 9% autocallable reverse exchangeables linked to stocks
By Susanna Moon
Chicago, Aug. 22 – JPMorgan Chase & Co. priced $12.35 million of 9% upside autocallable reverse exchangeable notes due Feb. 25, 2016 linked to least performing of the capital stock of International Business Machines Corp., the common stock of Cisco Systems, Inc., the common stock of Microsoft Corp. and the common stock of Intel Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus accrued interest if each stock closes at or above the initial share price on any of five quarterly call dates.
The payout at maturity will be par in cash unless any stock ever closes below the 65% trigger level during the life of the notes and finishes below the initial share price, in which case investors will receive a number of shares equal to $1,000 divided by the initial share price of the worst performing stock or, at JPMorgan’s option, the cash equivalent.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Upside autocallable reverse exhangeable notes
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| Underlying stocks: | International Business Machines Corp. (Symbol: IBM), Cisco Systems, Inc. (Symbol: CSCO), Microsoft Corp. (Symbol: MSFT) and Intel Corp. (Symbol: INTC)
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| Amount: | $12.35 million
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| Maturity: | Feb. 25, 2016
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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 any stock ever dips below trigger level and finishes below the initial price, in which case number of shares equal to $1,000 divided by the initial share price of the worst performing stock
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| Initial price: | $190.10 for IBM, $24.70 for Cisco, $44.95 for Microsoft and $34.50 for Intel
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| Buffer amount: | 30% of initial levels
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| Physical delivery amount: | 5.26039 for IBM, 40.48583 for Cisco, 22.24694 for Microsoft and 28.98551 for Intel
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| Call: | At par plus accrued interest if each stock closes at or above initial price on Nov. 24, Feb. 23, 2015, May 22, 2015, Aug. 24, 2015 and Nov. 23, 2015
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| Pricing date: | Aug. 20
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| Settlement date: | Aug. 25
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.81%
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| Cusip: | 48127DWJ3
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