By Susanna Moon
Chicago, May 25 – JPMorgan Chase & Co. priced $948,000 of callable contingent interest notes due May 25, 2017 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7% if each index closes at or above its coupon barrier level, 65% of its initial level, on the review date for that quarter.
The notes are callable at par plus the contingent coupon on any interest payment dates other than the first and final dates.
The payout at maturity will be par unless either index finishes below its 65% trigger level, in which case investors will be fully exposed to the loss of the worse performing index.
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 indexes: | S&P 500 and Russell 2000
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Amount: | $948,000
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Maturity: | May 25, 2017
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Coupon: | 7% annualized, payable quarterly if each underlying index closes at or above coupon barrier on review date for that quarter
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Price: | Par
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Payout at maturity: | Par plus final coupon unless either index finishes below barrier value, in which case full exposure to decline of lesser performing index
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Call: | At par plus contingent coupon on any interest payment date other than first and final dates
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Initial levels: | 2,040.04 for S&P and 1,094.778 for Russell
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Barrier levels: | 1,326.026 for S&P and 711.6057 for Russell; 65% of initial levels
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Pricing date: | May 19
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Settlement date: | May 24
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Agent: | J.P. Morgan Securities LLC
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Fees: | None
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Cusip: | 48128GXY1
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