Published on 4/29/2016 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $2.43 million callable contingent interest notes linked to S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, April 29 – JPMorgan Chase & Co. priced $2.43 million of callable contingent interest notes due May 1, 2017 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, 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% if each index closes at or above its barrier level, 70% of its initial level, on the review date for that quarter.
The notes are callable at par plus the contingent coupon on any interest payment dates other than the first and final dates.
The payout at maturity will be par unless either index finishes below its initial level and either index has closed below its barrier level on any day during the life of the notes, in which case investors will be fully exposed to the loss of the worse performing index.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Callable contingent interest notes
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| Underlying indexes: | S&P 500 and Russell 2000
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| Amount: | $2,431,000
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| Maturity: | May 1, 2017
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| Coupon: | Notes pay quarterly contingent coupon at annual rate of 8% if each index closes at or above coupon barrier level on review date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless either index finishes below its initial level and either index has closed below barrier any day during life of notes, in which case full exposure to decline of lesser-performing index
|
| Call: | At par plus contingent coupon on any quarterly review date other than first and final dates
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| Initial levels: | 2,091.70 for S&P, 1,150.728 for Russell
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| Barrier levels: | 1,464.19 for S&P, 805.5096 for Russell; 70% of initial levels
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| Pricing date: | April 26
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| Settlement date: | April 29
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| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 0.25%
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| Cusip: | 48128GUY4
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