Published on 12/17/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $4.98 million trigger phoenix autocallables on MSCI EAFE, Russell
By Marisa Wong
Morgantown, W.Va., Dec. 17 – JPMorgan Chase & Co. priced $4.98 million of trigger phoenix autocallable optimization securities due Dec. 19, 2019 linked to the lesser performing of the MSCI EAFE index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 9.1% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
After six months, the notes will be called at par if each index closes at or above its initial level on any quarterly observation date.
If the notes are not called and each index finishes at or above its trigger level, 70% of its initial level, the payout at maturity will be par plus the final contingent coupon, if any. Otherwise, investors will be exposed to the decline of the lesser-performing index.
UBS Financial Services Inc. and J.P. Morgan Securities LLC are the agents.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Trigger phoenix autocallable optimization securities
|
| Underlying indexes: | MSCI EAFE and Russell 2000
|
| Amount: | $4,975,000
|
| Maturity: | Dec. 19, 2019
|
| Coupon: | 9.1% 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 plus contingent coupon, if any, if each index finishes at or above trigger level; otherwise, full exposure to decline of lesser-performing index
|
| Call: | Automatically at par if each index closes at or above initial level on any quarterly observation date from June 15, 2016 onward
|
| Initial index levels: | 1,674.35 for MSCI EAFE and 1,131.552 for Russell 2000
|
| Barrier/trigger levels: | 1,172.05 for MSCI EAFE and 792.086 for Russell 2000; 70% of initial levels
|
| Pricing date: | Dec. 15
|
| Settlement date: | Dec. 18
|
| Agents: | UBS Financial Services Inc. and J.P. Morgan Securities LLC
|
| Fees: | 2%
|
| Cusip: | 48128A830
|
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