Published on 6/6/2014 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $151,000 10.5% upside autocallable reverse exchangeables on VeriFone
By Toni Weeks
San Luis Obispo, Calif., June 6 – JPMorgan Chase & Co. priced $151,000 of 10.5% upside autocallable reverse exchangeable notes due June 9, 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 called at par plus accrued interest if VeriFone stock closes at or above the initial share price on any of two quarterly call dates.
If the notes are not called, the payout at maturity will be par in cash, unless VeriFone stock ever closes below the initial price by more than 35% 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.
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| Issue: | Upside autocallable reverse exhangeable notes
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| Underlying stock: | VeriFone Systems, Inc. (Symbol: PAY)
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| Amount: | $151,000
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| Maturity: | June 9, 2015
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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 shares fall below 65% of the initial price during the life of the notes and finish below the initial price, in which case 29.5421 VeriFone shares
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| Initial price: | $33.85
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| Buffer amount: | $11.8475, 35% of initial share price
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| Call: | At par plus accrued interest on Dec. 8, 2014 or March 9, 2015 if closing price is equal to or greater than initial price
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| Pricing date: | June 4
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| Settlement date: | June 9
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | None
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| Cusip: | 48127DKB3
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