Published on 1/28/2014 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $3.88 million callable contingent interest notes linked to S&P 500, Russell 2000
By Angela McDaniels
Tacoma, Wash., Jan. 28 - JPMorgan Chase & Co. priced $3.88 million of callable contingent interest notes due Jan. 31, 2017 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Every six months, the notes will pay a contingent coupon if each index closes at or above its barrier level, 70% of its initial level, on the observation date for that semiannual period. The contingent coupon is 6.75% per year, or 3.375% per semiannual period.
The payout at maturity will be par unless the final level of either index is less than its barrier level, in which case investors will be fully exposed to the decline of the worst-performing index.
The notes are callable at par plus the contingent coupon, if any, on July 24, 2014, Jan. 23, 2015, July 24, 2015, Jan. 22, 2016 or July 22, 2016.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Callable contingent interest notes
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $3,879,000
|
| Maturity: | Jan. 31, 2017
|
| Coupon: | Every six months, notes pay contingent coupon at rate of 6.75% per year if each index closes at or above barrier level on observation date for that semiannual period
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below barrier level, in which case 1-to-1 exposure to decline of worst-performing index.
|
| Initial index levels: | 1,790.29 for S&P 500 and 1,144.13 for Russell 2000
|
| Barrier levels: | 1,253.203 for S&P 500 and 800.89 for Russell 2000, 70% of initial levels
|
| Pricing date: | Jan. 24
|
| Settlement date: | Jan. 31
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.85%
|
| Cusip: | 48126NT80
|
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