Published on 1/21/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.1 million autocallable contingent interest notes linked to General Motors
New York, Jan. 21 – JPMorgan Chase & Co. priced $1.1 million of autocallable contingent interest notes due Feb. 3, 2016 linked to the common stock of General Motors Co., according to a 424B2 filing with the Securities and Exchange Commission.
If General Motors stock closes at or above the trigger price – 80% of the initial share price – on a quarterly review date, the issuer will pay a contingent coupon for that quarter at the rate of 10.85%. Otherwise, no coupon will be paid that quarter.
If the shares close at or above the initial price on a quarterly review date, the notes will be called at par plus the contingent coupon.
If the notes are not called and General Motors shares finish at or above the trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be exposed to the share price decline from the initial price. The final stock price will be the average of the closing share prices on the five trading days ending on the final review date.
J.P. Morgan Securities LLC is the underwriter.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Autocallable contingent interest notes
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| Underlying stock: | General Motors Co. (NYSE: GM)
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| Amount: | $1.1 million
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| Maturity: | Feb. 3, 2016
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| Coupon: | 10.85%, payable quarterly if stock closes at or above trigger price on review date for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par plus contingent coupon if General Motors shares finish at or above trigger price; otherwise, par plus stock return
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| Call: | Automatically at par plus contingent coupon if General Motors shares close at or above initial price on a quarterly review date
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| Review dates: | April 30, 2015, July 30, 2015, Oct. 29, 2015 and Jan. 29, 2016
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| Initial share price: | $33.68.
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| Trigger price: | $26.944, 80% of initial price
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| Pricing date: | Jan. 16
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| Settlement date: | Jan. 22
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| Underwriters: | J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 48127D6G8
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