Published on 10/21/2014 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1 million callable contingent interest notes linked to indexes
By Susanna Moon
Chicago, Oct. 21 – JPMorgan Chase & Co. priced $1 million of callable contingent interest notes due Oct. 25, 2021 linked to the worse performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 with the Securities and Exchange Commission.
The notes will pay a coupon at an annual rate of 8.3% if each underlying component closes at or above the 65% coupon barrier level on a review date for that quarter.
The notes are callable at par on any interest payment date other than final date.
The payout at maturity will be par unless any underlying component finishes below its 50% trigger level, in which case investors will be fully exposed to any losses of the worst performing component.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Callable contingent interest notes
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Underlying components: | S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index
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Amount: | $1 million
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Maturity: | Oct. 25, 2021
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Coupon: | 8.3% annualized, payable if each component closes at or above coupon barrier level on quarterly review date
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Price: | Par of $1,000
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Payout at maturity: | Par unless any component finishes below trigger level, in which case full exposure to any losses of worst performing component
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Call option: | At par on any interest payment date other than final date
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Coupon barriers: | 1,238.9845 for S&P, 684.6606 for Russell and 1,944.475 for Euro Stoxx; 65% of initial levels
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Trigger levels: | 953.065 for S&P, 526.662 for Russell and 1,495.75 for Euro Stoxx; 50% of initial levels
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Pricing date: | Oct. 17
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Settlement date: | Oct. 22
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Agent: | J.P. Morgan Securities LLC
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Fees: | 1%
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Cusip: | 48127DL71
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