By Toni Weeks
San Luis Obispo, Calif., July 13 – JPMorgan Chase & Co. priced $1.57 million of autocallable contingent interest notes due Jan. 12, 2017 linked to the lesser performing of the Market Vectors Oil Services exchange-traded fund and the Energy Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.75% if each ETF closes at or above the 70% barrier level on a review date for that quarter.
If each fund closes at or above the initial share price on any review date other than the first and final review date, the notes will be called at par plus the coupon.
If the notes have not been called and each fund finishes at or above the 70% trigger level, the payout at maturity will be par plus the coupon.
Otherwise, investors will be exposed to the decline of the lesser-performing fund from its initial level.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying funds: | Market Vectors Oil Services exchange-traded fund and Energy Select Sector SPDR fund
|
| Amount: | $1,565,000
|
| Maturity: | Jan. 12, 2017
|
| Coupon: | 8.75% per year, payable quarterly if each ETF closes at or above barrier level that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless either ETF finishes below trigger level, in which case par plus return of worst-performing ETF, with full exposure to losses
|
| Call: | At par plus contingent coupon if each ETF closes at or above initial level on any review date other than first and final review date
|
| Initial levels: | $33.13 for oil ETF, $73.09 for energy ETF
|
| Barrier/trigger levels: | $23.191 for oil ETF, $51.163 for energy ETF, 70% of initial levels
|
| Pricing date: | July 9
|
| Settlement date: | July 14
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.85%
|
| Cusip: | 48125UZZ8
|
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