Published on 3/4/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $20,000 more callable contingent interest notes linked to S&P, Russell
By Angela McDaniels
Tacoma, Wash., March 4 – JPMorgan Chase & Co. priced $20,000 of additional callable contingent interest notes due March 2, 2020 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The additional notes bring the issue size to $8.72 million. The original $8.7 million of notes priced Feb. 24.
Each quarter, the notes pay a contingent coupon at an annual rate of 6.8% if each index closes at or above its barrier level, 60% of its initial level, on the review date for that quarter.
The notes are callable at par plus the contingent coupon on any interest payment date other than the final one.
If the notes have not been called, the payout at maturity will be par unless either index finishes below its barrier level, in which case investors will be fully exposed to the decline of the lesser-performing index.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Callable contingent interest notes
|
| Underlying indexes: | Russell 2000 and S&P 500
|
| Amount: | $8,720,000, increased from $8.7 million
|
| Maturity: | March 2, 2020
|
| Coupon: | Notes pay quarterly contingent coupon at annual rate of 6.8% if each underlying index closes at or above barrier level on review date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon unless final level of either index is less than barrier level, in which case full exposure to decline of lesser-performing underlying index
|
| Call: | Callable at par plus contingent coupon on any interest payment date other than final one
|
| Initial levels: | 2,115.48 for S&P 500 and 1,233.975 for Russell 2000
|
| Barrier levels: | 1,269.288 for S&P 500 and 740.385 for Russell 2000; 60% of initial levels
|
| Pricing dates: | Feb. 24 for $8.7 million; March 2 for $20,000
|
| Settlement dates: March 2 for $8.7 million, March 3 for $20,000
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 2.5%
|
| Cusip: | 38125UBY7
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
