Published on 9/17/2014 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.06 million autocallable contingent interest notes on index, ETF
By Jennifer Chiou
New York, Sept. 17 – JPMorgan Chase & Co. priced $1,056,000 of autocallable contingent interest notes due Dec. 18, 2015 linked to the Russell 2000 index and the iShares MSCI EAFE exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
If each underlying component closes at or above the 70% barrier level on a quarterly review date, the notes will pay a coupon at an annualized rate of 7.75% for that interest period.
If each component 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.
If the notes are not called and each component finishes at or above its 70% trigger level, the payout at maturity will be par plus the contingent coupon, if any.
If either underlying component finishes below the trigger level, investors will lose 1% for every 1% decline in the lesser-performing underlying component from its initial level.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Autocallable contingent interest notes
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| Underlying components: | Russell 2000, iShares MSCI EAFE ETF
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| Amount: | $1,056,000
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| Maturity: | Dec. 18, 2015
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| Coupon: | 7.75% per year, payable quarterly if each underlying component closes at or above barrier level on a quarterly review date
|
| Price: | Par
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| Payout at maturity: | If each component finishes at or above trigger level, par plus the contingent coupon, if any; if either component finishes below its trigger level, 1% loss for every 1% decline in the lesser-performing underlying component from its initial level
|
| Call: | At par plus coupon if each component closes at or above its initial level on any review date, other than final review date
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| Initial levels: | 1,146.52 for index, $65.88 for fund
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| Barrier/trigger levels: | 802.564 for index, $46.166 for fund; 70% of initial levels
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| Pricing date: | Sept. 15
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| Settlement date: | Sept. 18
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | None
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| Cusip: | 48127DZZ4
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