Published on 10/24/2012 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $2.21 million 7.15% autocallable yield notes tied to gold fund, Russell
By Toni Weeks
San Diego, Oct. 24 - JPMorgan Chase & Co. priced $2.21 million of 7.15% autocallable yield notes due Oct. 25, 2013 linked to the Market Vectors Gold Miners exchange-traded fund and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par plus accrued interest if both components close above their initial levels on any of three quarterly call dates.
A trigger event will occur if either component falls below the trigger level, 55% of the initial level, on any trading day.
If a trigger event does not occur or if it does and the return of the least-performing component is zero or positive, investors will receive par at maturity.
If a trigger event occurs and the return of the least-performing component is negative, investors will share in those losses.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable yield notes
|
| Underlying components: | Market Vectors Gold Miners exchange-traded fund and Russell 2000 index
|
| Amount: | $2,209,000
|
| Maturity: | Oct. 25, 2013
|
| Coupon: | 7.15%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If neither component falls below 55% of initial level during life of notes, par; if trigger event occurs and return of worst-performing component is zero or positive, par; full exposure to losses if trigger event occurs and return of worst-performing component is negative
|
| Call: | At par if both underlying components close at or above initial levels on Jan. 22, 2013, April 22, 2013 or July 22, 2013
|
| Initial levels: | $52.43 for gold fund, 820.52 for Russell
|
| Buffer amount: | $23.5935 for gold fund, 369.234 for Russell, 45% of initial levels
|
| Pricing date: | Oct. 22
|
| Settlement date: | Oct. 25
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 3.28%, including 2.25% for selling concessions
|
| Cusip: | 48126DCL1
|
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