Published on 7/22/2014 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1 million 9.3% reverse exchangeables linked to Rackspace Hosting
New York, July 22 - JPMorgan Chase & Co. priced $1 million of 9.3% reverse exchangeable notes due Oct. 23, 2014 linked to Rackspace Hosting, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Rackspace Hosting shares fall below the protection price of $20.11, 63.6392% of the initial price of $31.60, during the life of the notes and finish below the initial price in which case the payout will be 31.6456 shares of Rackspace Hosting stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse exchangeable notes
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Underlying stock: | Rackspace Hosting, Inc. (Symbol: RAX)
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Amount: | $1 million
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Maturity: | Oct. 23, 2014
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Coupon: | 9.3%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Rackspace Hosting shares fall below the protection price of $20.11, 63.6392% of the initial price, and finish below the initial price, in which case 31.6456 shares of Rackspace Hosting stock
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Initial price: | $31.60
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Protection price: | $20.11, 63.6392% of $31.60
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Exchange ratio: | 31.6456
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Pricing date: | July 18
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Settlement date: | July 23
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Agent: | JPMorgan
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Fees: | 0.625%
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Cusip: | 48127DTX6
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