Published on 8/11/2014 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $50.13 million contingent coupon callable yield notes on indexes, fund
By Toni Weeks
San Luis Obispo, Calif., Aug. 11 – JPMorgan Chase & Co. priced $50.13 million of contingent coupon callable yield notes due Aug. 10, 2018 linked to the least performing of the S&P 500 index, the Russell 2000 index and the iShares MSCI EAFE exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 7.5% if each underlying component closes at or above its 60% barrier level on the observation date for that quarter.
The notes are callable at par plus the contingent coupon, if any, on any interest payment date other than the final date.
The payout at maturity will be par unless either index or the fund finishes below its 60% barrier level, in which case investors will receive par plus the return of the worst-performing component.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying components: | S&P 500 index, Russell 2000 index, iShares MSCI EAFE ETF
|
| Amount: | $50,129,000
|
| Maturity: | Aug. 10, 2018
|
| Coupon: | 7.5% per year, payable quarterly if each component closes at or above its barrier level, 60% of its initial level, on the observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any component falls by more than 40% on Aug. 7, 2018, in which case full exposure to decline of worst-performing component
|
| Call option: | At par on any interest payment date other than maturity date beginning Nov. 17
|
| Initial levels: | 1,909.57 for S&P, 1,119.759 for Russell, $64.90 for iShares MSCI EAFE
|
| Barrier levels: | 1,145.742 for S&P, 671.8554 for Russell, $38.94 for iShares MSCI EAFE, 60% of initial levels
|
| Pricing date: | Aug. 7
|
| Settlement date: | Aug. 12
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.75%
|
| Cusip: | 48127DVY1
|
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