Published on 6/17/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $10.2 million autocallable reverse exchangeables linked to three stocks
By Angela McDaniels
Tacoma, Wash., June 17 – JPMorgan Chase & Co. priced $10.2 million of 8.75% autocallable reverse exchangeable notes due Dec. 20, 2016 linked to the least performing of the common stocks of TD Ameritrade Holding Corp., E*Trade Financial Corp. and Charles Schwab Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if each stock closes at or above its initial share price on Sept. 15, 2015, Dec. 15, 2015, March 15, 2016, June 15, 2016 or Sept. 15, 2016.
If the notes are not called, the payout at maturity will be par unless the final share price of any stock is less than its trigger value, 70% of its initial share price, in which case the payout will be a number of shares of the least-performing stock equal to $1,000 divided by its initial share price.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Autocallable reverse exchangeable notes
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| Underlying stocks: | TD Ameritrade Holding Corp. (Symbol: AMTD), E*Trade Financial Corp. (Symbol: ETFC) and Charles Schwab Corp. (Symbol: SCHW)
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| Amount: | $10.2 million
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| Maturity: | Dec. 20, 2016
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| Coupon: | 8.75%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless final share price of any stock is less than its trigger value, in which case number of shares of least-performing stock equal to $1,000 divided by its initial share price
|
| Call: | At par if each stock closes at or above initial share price on Sept. 15, 2015, Dec. 15, 2015, March 15, 2016, June 15, 2016 or Sept. 15, 2016
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| Initial share prices: | $38.11 for TD Ameritrade, $30.615 for E*Trade and $33.05 for Charles Schwab
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| Trigger values: | $26.677 for TD Ameritrade, $21.4305 for E*Trade and $23.135 for Charles Schwab; 70% of initial share prices
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| Pricing date: | June 15
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| Settlement date: | June 18
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.75%
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| Cusip: | 48127XAB0
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