Published on 5/4/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $11.39 million contingent income autocallables linked to three indexes
By Angela McDaniels
Tacoma, Wash., May 4 – JPMorgan Chase & Co. priced $11.39 million of contingent income autocallable securities due May 5, 2022 linked to the worst performing of the Russell 2000 index, the Euro Stoxx Banks index and the Hang Seng index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly payment of 2.5%, or 10% per year, if each index closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any determination date other than the final determination date.
The payout at maturity will be par unless any index finishes below its downside threshold level, 60% of its initial level, in which case investors will be fully exposed to the decline of the worst-performing index.
J.P. Morgan Securities LLC is the agent with Morgan Stanley Wealth Management handling distribution.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Contingent income autocallable securities
|
| Underlying indexes: | Russell 2000, Euro Stoxx Banks and Hang Seng
|
| Amount: | $11,391,810
|
| Maturity: | May 5, 2022
|
| Coupon: | 10% per year, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | Par unless any index finishes below downside threshold level, in which case exposure to decline of worst-performing index
|
| Call: | At par if each index closes at or above initial level on any quarterly determination date other than final date
|
| Initial levels: | 1,220.125 for Russell 2000, 154.43 for Euro Stoxx Banks and 28,133.00 for Hang Seng
|
| Coupon barrier levels: | 915.09375 for Russell 2000, 115.8225 for Euro Stoxx Banks and 21,099.75 for Hang Seng; 75% of initial levels
|
| Downside thresholds: | 732.075 for Russell 2000, 92.658 for Euro Stoxx Banks and 16,879.80 for Hang Seng; 60% of initial levels
|
| Pricing date: | April 30
|
| Settlement date: | May 5
|
| Agent: | J.P. Morgan Securities LLC
|
| Distribution: | Morgan Stanley Wealth Management
|
| Fees: | 3.5%
|
| Cusip: | 48127T368
|
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