Published on 5/14/2013 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.5 million 11.25% upside autocallables on VeriFone
By Jennifer Chiou
New York, May 14 - JPMorgan Chase & Co. priced $1,498,000 of 11.25% upside autocallable reverse exchangeable notes due May 15, 2014 linked to the common stock of VeriFone Systems, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par on Aug. 12, Nov. 12 or Feb. 12, 2014 if the closing price is greater than the initial share price.
If the notes are not called, the payout at maturity will be par in cash, unless VeriFone shares fall below 65% of the initial price during the life of the notes and finish below the initial share price, in which case investors will receive a number of VeriFone shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, a cash amount equal to the value of those shares.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Upside autocallable reverse exhangeable notes
|
| Underlying stock: | VeriFone Systems, Inc. (Symbol: PAY)
|
| Amount: | $1,498,000
|
| Maturity: | May 15, 2014
|
| Coupon: | 11.25%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless VeriFone shares fall below 65% of the initial price during the life of the notes and finish below the initial price, in which case 43.3651 shares of VeriFone stock
|
| Initial price: | $23.06
|
| Buffer amount: | $8.071, 35% of initial price
|
| Call: | At par plus accrued interest on Aug. 12, Nov. 12 or Feb. 12, 2014 if closing price is greater than initial price
|
| Pricing date: | May 10
|
| Settlement date: | May 15
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.5%
|
| Cusip: | 48126D3A5
|
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