Published on 3/13/2013 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.28 million variable-rate range accrual notes linked to S&P 500
By Susanna Moon
Chicago, March 13 - JPMorgan Chase & Co. priced $1.28 million of callable variable-rate range accrual notes due March 13, 2028 linked to six-month Libor and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest rate will be 7% for the first three years. After that, it will accrue at 1.2 times the strike rate minus six-month Libor for each day that the index closes at or above 1,125, up to a maximum rate.
The strike rate and cap, respectively, will be 6% and 7.2% from March 13, 2016 to but excluding March 13, 2018; 6.5% and 7.8% from March 13, 2018 to but excluding March 13, 2023; and 7% and 8.4% from March 13, 2023 to but excluding March 13, 2028.
Interest is payable quarterly.
The payout at maturity will be par.
The notes will be redeemable at par on any interest payment date beginning .
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Callable variable-rate range accrual notes
|
| Underlying index: | S&P 500
|
| Amount: | $1,278,000
|
| Maturity: | March 13, 2028
|
| Coupon: | 7% for first three years; beginning March 13, 2016, 1.2 times strike rate minus six-month Libor for each day that index closes at or above trigger level, up to a cap; strike rate and cap, respectively, will be 6% and 7.2% from March 13, 2016 to but excluding March 13, 2018; 6.5% and 7.8% from March 13, 2018 to but excluding March 13, 2023; and 7% and 8.4% from March 13, 2023 to but excluding March 13, 2028; payable quarterly
|
| Price: | Variable
|
| Trigger level: | 1,125
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning March 13, 2016
|
| Pricing date: | March 11
|
| Settlement date: | March 13
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 3.827%, including 2.608% for selling concessions
|
| Cusip: | 48126DNB1
|
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