Published on 5/9/2014 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.28 million 9.25% upside autocallable reverse exchangeables on VeriFone
By Jennifer Chiou
New York, May 9 - JPMorgan Chase & Co. priced $1,277,000 of 9.25% upside autocallable reverse exchangeable notes due May 12, 2015 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 if VeriFone stock closes at or above the initial share price on Nov. 7, 2014 or Feb. 9, 2015.
The payout at maturity will be par unless VeriFone shares decline by more than 30% during the life of the notes and the final share price is less than the initial share price, in which case the payout will be 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 exchangeable notes
|
| Underlying stock: | VeriFone Sciences, Inc. (Symbol: PAY)
|
| Amount: | $1,277,000
|
| Maturity: | May 12, 2015
|
| Coupon: | 9.25%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless VeriFone shares decline by more than buffer amount during life of notes and final share price is less than initial share price, in which case 30.9981 VeriFone shares or, at issuer's option, equivalent amount in cash
|
| Call: | Automatically at par if VeriFone stock closes at or above initial share price on Nov. 7, 2014 or Feb. 9, 2015
|
| Initial share price: | $32.26
|
| Buffer amount: | $9.678, 30% of initial price
|
| Pricing date: | May 7
|
| Settlement date: | May 12
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.5%
|
| Cusip: | 48127DGF9
|
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