By Marisa Wong
Madison, Wis., July 17 – JPMorgan Chase & Co. priced $5.92 million of autocallable contingent interest notes due July 20, 2017 linked to the S&P 500 index and the Vanguard Total Stock Market exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
If each underlying component closes at or above the 80% barrier level on a quarterly review date, the notes will pay a coupon at an annualized rate of 6.1% for that interest period.
If each underlying component closes at or above its initial level on any review date other than the final review date, the notes will be called at par plus the coupon.
A trigger event occurs if either underlying component finishes below the 75% trigger level.
If the notes have not been called and a trigger event has not occurred or the underlying components both finish at or above their initial levels, the payout at maturity will be par plus the contingent coupon.
If either underlying component finishes below its initial level and a trigger event has occurred, investors will lose 1% for every 1% decline in the lesser-performing underlying component from its initial level.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying components: | S&P 500 index, Vanguard Total Stock Market ETF
|
| Amount: | $5.92 million
|
| Maturity: | July 20, 2017
|
| Coupon: | 6.1% per year, payable quarterly if each underlying component closes at or above barrier level on a semiannual review date
|
| Price: | Par
|
| Payout at maturity: | If each component finishes at or above initial level or trigger event has not occurred, par plus the contingent coupon; if either component finishes below its initial level and a trigger event has occurred, 1% loss for every 1% decline in the lesser-performing underlying component from its initial level
|
| Trigger event: | Occurs if either underlying component finishes below trigger level
|
| Call: | At par plus coupon if each component closes at or above its initial level on any review date other than final review date
|
| Initial levels: | 1,973.28 for index and $101.97 for fund
|
| Barrier levels: | 1,578.624 for index and $81.576 for fund; 80% of initial levels
|
| Trigger levels: | 1,479.96 for index and $76.4775 for fund; 75% of initial levels
|
| Pricing date: | July 15
|
| Settlement date: | July 18
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 0.25%
|
| Cusip: | 48127DSE9
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
