By Marisa Wong
Madison, Wis., Jan. 24 - JPMorgan Chase & Co. priced $1 million of 0% upside knock-out notes due Jan. 25, 2016 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
A knock-out event occurs if the index closes above the knock-out level - 146% of the initial level - on any day during the life of the notes.
If a knock-out event does not occur, the payout at maturity will be par plus the index return. Investors will receive par should the index decline. Because of the knock-out level, the maximum payment will be $1,460 per $1,000 principal amount of notes.
If a knock-out event occurs, the payout at maturity will be par plus 10%.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Upside knock-out notes
|
| Underlying index: | S&P 500
|
| Amount: | $1 million
|
| Maturity: | Jan. 25, 2016
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If index ever closes above knock-out level, par plus 10%; otherwise, par plus index return with floor of par
|
| Initial level: | 1,315.38
|
| Knock-out level: | 1,920.4548, 146% of initial level
|
| Pricing date: | Jan. 20
|
| Settlement date: | Jan. 25
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 2.55%
|
| Cusip: | 48125VKB5
|
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