By Jennifer Chiou
New York, April 16 - JPMorgan Chase & Co. priced $5.35 million of 8% upside autocallable single observation reverse exchangeable notes due Oct. 19, 2015 linked to the common stock of Ryland Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus accrued interest if Ryland stock closes at or above the initial share price on any of three quarterly call dates.
If the notes are not called, the payout at maturity will be par in cash unless Ryland stock finishes below the initial price by more than 30%, in which case investors will receive a number of Ryland shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the cash equivalent.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Upside autocallable single observation reverse exhangeable notes
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| Underlying stock: | Ryland Group, Inc. (Symbol: RYL)
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| Amount: | $5.35 million
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| Maturity: | Oct. 19, 2015
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| Coupon: | 8%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless Ryland shares finish below 70% of the initial price, in which case 25.7732 Ryland shares or cash equivalent
|
| Initial price: | $38.80
|
| Buffer amount: | $11.64, 30% of initial share price
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| Call: | At par plus accrued interest on any of three quarterly call dates beginning on July 14 if closing price is equal to or greater than initial price
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| Pricing date: | April 14
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| Settlement date: | April 17
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.75%, all for selling concessions
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| Cusip: | 48127DEB0
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