Published on 9/8/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $2.9 million contingent coupon callable yield notes linked to indexes, ETF
By Angela McDaniels
Tacoma, Wash., Sept. 8 – JPMorgan Chase & Co. priced $2.9 million of contingent coupon callable yield notes due Sept. 7, 2018 linked to the least performing of the S&P 500 index, the Russell 2000 index and the iShares MSCI EAFE exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 10.5% per year if each underlying component closes at or above its barrier level, 60% of its initial level, on the observation date for that quarter.
The payout at maturity will be par unless any underlying component finishes below its barrier level, in which case investors will be fully exposed to the decline of the least-performing underlying component.
The notes are callable at par on any interest payment date other than the final one.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Contingent coupon callable yield notes
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| Underlyings: | S&P 500 index, Russell 2000 index and iShares MSCI EAFE ETF
|
| Amount: | $2.9 million
|
| Maturity: | Sept. 7, 2018
|
| Coupon: | 10.4% per year, payable quarterly if each underlying component closes at or above barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any underlying component finishes below barrier level, in which case full exposure to decline of least-performing underlying component
|
| Call option: | At par on any interest payment date other than final one
|
| Initial levels: | 1,951.13 for S&P 500, 1,145.153 for Russell 2000 and $58.96 for ETF
|
| Barrier levels: | 1,170.678 for S&P 500, 687.0918 for Russell 2000 and $35.376 for ETF; 60% of initial levels
|
| Pricing date: | Sept. 3
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| Settlement date: | Sept. 9
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| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.75%
|
| Cusip: | 48125U3W0
|
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