Published on 4/30/2012 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $2.13 million 11.5% autocallable yield notes on fund, two indexes
By Toni Weeks
San Diego, April 30 - JPMorgan Chase & Co. priced $2.13 million of 11.5% autocallable yield notes due May 1, 2013 linked to the SPDR S&P Metals & Mining exchange-traded fund, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if each of the components closes at or above its initial level on any of three call dates.
A trigger event will occur if any component falls by more than 40% during the life of the notes.
The payout at maturity will be par unless any component finishes below its initial level and ever dips below the 60% trigger level, in which case investors will lose 1% for every 1% decline of the worst-performing component.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable yield notes
|
| Underlying components: | SPDR S&P Metals & Mining ETF, S&P 500 index and Russell 2000 index
|
| Amount: | $2,132,000
|
| Maturity: | May 1, 2013
|
| Coupon: | 11.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If any component falls below 60% of initial level during life of notes and finishes below initial level, 1% loss for every 1% decline of worst-performing component; otherwise, par
|
| Call: | At par if both underlying components close at or above initial levels on July 27, Oct. 29 or Jan. 29, 2013
|
| Initial levels: | $48.48 for SPDR, 1,399.98 for S&P 500 and 818.33 for Russell
|
| Protection amount: | $19.392 for SPDR, 559.992 for S&P 500 and 327.332 for Russell, 40% of initial levels
|
| Pricing date: | April 26
|
| Settlement date: | May 1
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 3.5%, including 1.75% for selling concessions
|
| Cusip: | 48125VWF3
|
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