By Marisa Wong
Madison, Wis., May 29 - JPMorgan Chase & Co. priced $3.03 million of callable contingent interest notes due May 31, 2017 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each underlying index closes at or above the 70% barrier level on a semiannual review date, the notes will pay a coupon at an annualized rate of 6.37% for that period.
The issuer may call the notes in whole at its election on any of the interest payment dates, except for the last one. If the notes are called, the payout will be par plus any accrued interest.
A trigger event occurs if either underlying index finishes below the 70% trigger level.
If the notes have not been called and a trigger event has not occurred, the payout at maturity will be par.
If either underlying index finishes below its initial level and a trigger event has occurred, investors will lose 1% for every 1% decline in the lesser-performing underlying index from its initial level.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Callable contingent interest notes
|
| Underlying indexes: | S&P 500, Russell 2000
|
| Amount: | $3,025,000
|
| Maturity: | May 31, 2017
|
| Coupon: | 6.37% per year, payable semiannually if each underlying index closes at or above barrier level on a semiannual review date
|
| Price: | Par
|
| Payout at maturity: | Par if trigger event has not occurred; otherwise, exposure to decline in lesser-performing underlying index from its initial level if trigger event has occurred
|
| Call: | In whole at issuer's option on any interest payment date other than final date
|
| Initial levels: | 1,900.53 for S&P 500, 1,126.189 for Russell 2000
|
| Barrier/trigger levels: | 1,330.371 for S&P 500, 788.3323 for Russell 2000; 70% of initial levels
|
| Pricing date: | May 23
|
| Settlement date: | June 2
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.85%
|
| Cusip: | 48127DFT0
|
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