By Jennifer Chiou
New York, July 17 - JPMorgan Chase & Co. priced $2.24 million of 5.6% annualized callable yield notes due Jan. 18, 2013 linked to the Market Vectors Gold Miners exchange-traded fund and the SPDR S&P Metals & Mining ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes may be called in whole at par on any interest payment date after Aug. 18, 2012.
A trigger event occurs if either component falls by more than 45% on any day during the life of the notes.
The payout at maturity will be par unless either component finishes below its initial level and a trigger event has occurred, in which case investors will lose 1% for every 1% decline of the worst-performing component.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Callable yield notes
|
| Underlying ETFs: | Market Vectors Gold Miners and SPDR S&P Metals & Mining
|
| Amount: | $2.24 million
|
| Maturity: | Jan. 18, 2013
|
| Coupon: | 5.6%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If either component finishes below its initial level and either component ever dips below 60% trigger level, exposure to losses of worst-performing component; otherwise, par
|
| Call: | At par on any interest payment date after Aug. 18, 2012
|
| Initial levels: | $41.69 for gold and $39.99 for SPDR
|
| Buffer amounts: | $18.7605 for gold and $17.9955 for SPDR; 45% of initial levels
|
| Pricing date: | July 13
|
| Settlement date: | July 18
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 2.55%, including 2% for selling concessions
|
| Cusip: | 48125VS43
|
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