Published on 4/30/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $434,000 8% autocall reverse exchangeables on Restoration Hardware
By Toni Weeks
San Luis Obispo, Calif., April 30 – JPMorgan Chase & Co. priced $434,000 of 8% autocallable reverse exchangeable notes due Aug. 2, 2016 linked to Restoration Hardware Holdings, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus accrued interest if Restoration Hardware stock closes at or above the initial share price on Oct. 28, Jan. 28, 2016 or April 28, 2016.
The payout at maturity will be par in cash unless Restoration Hardware stock ever closes below the 67.5% trigger level during the life of the notes and finishes below the initial share price, in which case investors will receive a number of Restoration Hardware shares equal to $1,000 divided by the initial share price or, at JPMorgan’s option, the cash equivalent.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable reverse exhangeable notes
|
| Underlying stock: | Restoration Hardware Holdings, Inc. (Symbol: RH)
|
| Amount: | $434,000
|
| Maturity: | Aug. 2, 2016
|
| Coupon: | 8%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless Restoration Hardware shares ever dip below trigger level and finish below initial price, in which case 10.9987 Restoration Hardware shares
|
| Initial price: | $90.92
|
| Trigger value: | $61.371, 67.5% of initial share price
|
| Call: | At par plus accrued interest if stock closes at or above initial price on Oct. 28, Jan. 28, 2016 or April 28, 2016
|
| Pricing date: | April 28
|
| Settlement date: | May 1
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.5%
|
| Cusip: | 46625HKP4
|
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