By Toni Weeks
San Luis Obispo, Calif., April 21 - JPMorgan Chase & Co. priced $2.77 million of autocallable contingent interest notes due April 24, 2017 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each underlying index closes at or above the 70% barrier level on a semiannual review date, the notes will pay a coupon at an annualized rate of 6.6% for that interest period.
If each index closes at or above its initial level on any review date other than the final review date, the notes will be called at par plus the coupon.
A trigger event occurs if either underlying index closes below the 70% trigger level on the April 17, 2017 final review date.
If the notes have not been called and a trigger event has not occurred, the payout at maturity will be par plus the contingent coupon.
If either underlying index finishes below its initial level, investors will lose 1% for every 1% decline in the lesser-performing underlying index from its initial level.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying indexes: | S&P 500, Russell 2000
|
| Amount: | $2,771,000
|
| Maturity: | April 24, 2017
|
| Coupon: | 6.6% per year, payable semiannually if each underlying index closes at or above barrier level on a semiannual review date
|
| Price: | Par
|
| Payout at maturity: | If each index closes at or above its trigger level on April 17, 2017, par plus the coupon; otherwise, investors will lose 1% for every 1% decline in lesser-performing underlying index from its initial level
|
| Call: | At par plus coupon if each index closes at or above its initial level on any review date other than final review date
|
| Initial levels: | 1,864.85 for S&P 500, 1,137.899 for Russell 2000
|
| Barrier/trigger levels: | 1,305.395 for S&P 500, 796.5293 for Russell 2000; 70% of initial levels
|
| Pricing date: | April 17
|
| Settlement date: | April 25
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.85%
|
| Cusip: | 48127DCR7
|
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