Published on 1/23/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $6.6 million 10% upside autocallable reverse exchangeables linked to three stocks
By Angela McDaniels
Tacoma, Wash., Jan. 23 – JPMorgan Chase & Co. priced $6.6 million of 10% upside autocallable single observation reverse exchangeable notes due July 26, 2016 linked to the least performing of the common stocks of Verizon Communications Inc., T-Mobile US Inc. and AT&T Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if each stock closes at or above its initial share price on any call date, which occur quarterly.
If the notes are not called, the payout at maturity will be par unless the final share price of any stock is less than its buffer level, 70% of its initial share price, in which case the payout will be a number of shares of the least-performing stock equal to $1,000 divided by that stock’s initial share price or, at the issuer’s option, a cash amount equal to the value of those shares.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Upside autocallable single observation reverse exchangeable notes
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| Underlying stocks: | Verizon Communications Inc. (Symbol: VZ), T-Mobile US Inc. (Symbol: TMUS) and AT&T Inc. (Symbol: T)
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| Amount: | $6.6 million
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| Maturity: | July 26, 2016
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| Coupon: | 10%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless final share price of any stock is less than initial share price by more than buffer amount, in which case number of shares of least-performing stock equal to $1,000 divided by that stock’s initial share price or, at issuer’s option, amount in cash equal to value of those shares
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| Call: | Automatically at par if each stock closes at or above initial share price on any quarterly call date
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| Initial share prices: | $48.25 for Verizon, $30.08 for T-Mobile and $34.00 for AT&T
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| Buffer amounts: | $14.475 for Verizon, $9.024 for T-Mobile and $10.20 for AT&T; 30% of initial share price
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| Pricing date: | Jan. 21
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| Settlement date: | Jan. 26
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.792%
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| Cusip: | 48127D5X2
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