Published on 6/19/2013 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $526,000 12.5% upside autocallable reverse exchangeables tied to VeriFone
By Toni Weeks
San Luis Obispo, Calif., June 19 - JPMorgan Chase & Co. priced $526,000 of 12.5% upside autocallable reverse exchangeable notes due June 19, 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 called at par plus accrued interest if VeriFone stock closes at or above the initial share price on any of three quarterly call dates.
The payout at maturity will be par in cash, unless VeriFone stock ever closes below the initial price by more than 45% and finishes 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, the cash equivalent.
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: | $526,000
|
| Maturity: | June 19, 2014
|
| Coupon: | 12.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless VeriFone shares fall below 55% of the initial price during the life of the notes and finish below the initial price, in which case 63.3312 VeriFone shares
|
| Initial price: | $15.79
|
| Buffer amount: | $7.1055, 45% of initial price
|
| Call: | At par plus accrued interest on Sept. 16, Dec. 16 or March 14, 2014 if closing price is greater than initial price
|
| Pricing date: | June 14
|
| Settlement date: | June 19
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.5%, all for selling concessions
|
| Cusip: | 48126NED5
|
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