Published on 5/30/2013 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $2.16 million callable contingent interest notes linked to indexes, ETF
By Angela McDaniels
Tacoma, Wash., May 30 - JPMorgan Chase & Co. priced $2.16 million of callable contingent interest notes due May 31, 2018 linked to the least performing of the S&P 500 index, the Russell 2000 index and the iShares MSCI EAFE index fund, according to a 424B2 filing with the Securities and Exchange Commission.
If each underlying component closes at or above its trigger level on a quarterly review date, the notes will pay a coupon at an annualized rate of 8.1% for that quarter. The trigger level for each underlying component is 60% of its initial level.
The payout at maturity will be par plus the contingent coupon unless any underlying component finishes below its trigger level, in which case investors will share fully in the decline of the worst-performing underlying component.
The notes are callable at par plus the contingent coupon on any quarterly interest payment date other than the final payment date.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Callable contingent interest notes
|
| Underlying components: | S&P 500 index, Russell 2000 index and iShares MSCI EAFE index fund
|
| Amount: | $2,155,000
|
| Maturity: | May 31, 2018
|
| Coupon: | 8.1% annualized, payable quarterly if each underlying component closes at or above barrier price on review date for that interest period; otherwise, no coupon will be paid for that interest period
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless any component finishes below trigger level, in which case investors share fully in decline of worst-performing component
|
| Call option: | At par plus contingent coupon on any quarterly interest payment date other than final payment date
|
| Initial levels: | 1,669.16 for S&P 500, 998.78 for Russell 2000 and $63.53 for iShares MSCI EAFE
|
| Barrier/trigger levels: | 1,001,496 for S&P 500, 599.268 for Russell and $38.118 for iShares MSCI EAFE; 60% of initial levels
|
| Pricing date: | May 28
|
| Settlement date: | May 31
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.603%
|
| Cusip: | 48126NBH9
|
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