Published on 12/2/2013 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $703,000 10.5% reverse exchangeables linked to VeriFone Systems
New York, Dec. 2 - JPMorgan Chase & Co. priced $703,000 of 10.5% reverse exchangeable notes due Dec. 2, 2014 linked to VeriFone Systems, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless VeriFone Systems shares fall below the protection price of $15.342, 60% of the initial price of $25.57, during the life of the notes and finish below the initial price in which case the payout will be 39.1083 shares of VeriFone Systems stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse exchangeable notes
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Underlying stock: | VeriFone Systems, Inc. (Symbol: PAY)
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Amount: | $703,000
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Maturity: | Dec. 2, 2014
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Coupon: | 10.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless VeriFone Systems shares fall below the protection price of $15.342, 60% of the initial price, and finish below the initial price, in which case 39.1083 shares of VeriFone Systems stock
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Initial price: | $25.57
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Protection price: | $15.342, 60% of $25.57
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Exchange ratio: | 39.1083
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Pricing date: | Nov. 26
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Settlement date: | Dec. 2
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Agent: | JPMorgan
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Fees: | 1.5%
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Cusip: | 48126NG76
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