Published on 7/30/2012 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.23 million 11% autocallable yield notes linked to indexes, ETF
By Marisa Wong
Madison, Wis., July 30 - JPMorgan Chase & Co. priced $1.23 million of 11% autocallable yield notes due July 31, 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 automatically at par if each underlying closes at or above its initial level on Oct. 26, Jan. 28 or April 25, 2013.
A trigger event will occur if any underlying declines by more than 40% on any day during the life of the notes.
The payout at maturity will be par unless any underlying finishes below its initial level and a trigger event has occurred, in which case investors will lose 1% for every 1% that the worst-performing underlying declines below its initial level.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable yield notes
|
| Underlyings: | SPDR S&P Metals & Mining ETF, S&P 500 index and Russell 2000 index
|
| Amount: | $1,231,000
|
| Maturity: | July 31, 2013
|
| Coupon: | 11%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If any underlying finishes below its initial level and a trigger event has occurred, full exposure to decline of worst-performing underlying; otherwise, par
|
| Trigger event: | Any underlying declines by more than buffer amount during life of notes
|
| Call: | Automatically at par if each underlying closes at or above its initial level on Oct. 26, Jan. 28 or April 25, 2013
|
| Initial levels: | $37.67 for ETF, 1,360.02 for S&P 500 and 777.11 for Russell 2000
|
| Buffer amounts: | $15.068 for ETF, 544.008 for S&P 500 and 310.844 for Russell 2000; 40% of initial levels
|
| Pricing date: | July 26
|
| Settlement date: | July 31
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 4%, including 2.247% for selling concessions
|
| Cusip: | 48125VQ29
|
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