JPMorgan to price 11.5% autocallable reverse exchangeables on MetLife

By Marisa Wong

Madison, Wis., Dec. 15 - JPMorgan Chase & Co. plans to price upside autocallable single observation reverse exchangeable notes due Dec. 21, 2012 linked to the common stock of MetLife, Inc., according to an FWP filing with the Securities and Exchange Commission.

The coupon will be at least 11.5% per year, payable monthly. The exact coupon will be set at pricing.

The notes will be called at par plus accrued interest if MetLife stock closes above the initial share price on any of three quarterly call dates. The call dates are March 20, June 20, 2012 and Sept. 19, 2012.

The payout at maturity will be par unless the final share price is less than the initial share price by more than 35%, in which case the payout will be a number of MetLife shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, a cash amount equal to the value of those shares.

J.P. Morgan Securities LLC is the agent.

The notes (Cusip: 48125VGL8) are expected to price on Dec. 20 and settle on Dec. 23.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.