Published on 10/15/2013 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $3.05 million contingent coupon callable yield notes linked to Valero
By Toni Weeks
San Luis Obispo, Calif., Oct. 15 - JPMorgan Chase & Co. priced $3.05 million contingent coupon callable yield notes due Oct. 19, 2015 linked to Valero Energy Corp. shares, according to a 424B2 with the Securities and Exchange Commission.
If the stock closes at or above its barrier level, 65% of its initial level, on a quarterly observation date, the notes will pay a coupon at an annualized rate of 11.1% for that quarter.
The payout at maturity will be par unless Valero stock finishes below its barrier level, in which case investors will be fully exposed to the decline in the share price.
The notes are callable at par on any interest payment date.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Contingent coupon callable yield notes
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Underlying stock: | Valero Energy Corp. (NYSE: VLO)
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Amount: | $3,045,000
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Maturity: | Oct. 19, 2015
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Coupon: | 11.1% per year, payable quarterly, if stock closes at or above barrier level on quarterly observation date
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Price: | Par
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Payout at maturity: | Par unless stock finishes below knock-in level, in which case full exposure to decline in share price
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Call option: | At par plus contingent coupon, if any, on any interest payment date
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Initial price: | $36.54
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Barrier/knock-in level: | $23.751, 65% of initial price
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Pricing date: | Oct. 11
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Settlement date: | Oct. 17
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Agent: | J.P. Morgan Securities LLC
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Fees: | 1.5%
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Cusip: | 48126NWW3
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