JPMorgan plans autocallable reverse exchangeables linked to VMware

By Angela McDaniels

Tacoma, Wash., Nov. 6 – JPMorgan Chase & Co. plans to price autocallable reverse exchangeable notes due Nov. 21, 2016 linked to the class A common stock of VMware, Inc., according to an FWP filing with the Securities and Exchange Commission.

The coupon is expected to be 8.5% to 10.5% per year and will be set at pricing. Interest will be payable monthly.

The notes will be called at par if VMware stock closes at or above the initial share price on May 13, 2016 or Aug. 15, 2016.

If the notes are not called, the payout at maturity will be par unless VMware stock closes below the trigger level, 60% of the initial share price, during the life of the notes and finishes below the initial price, in which case the payout will be a number of VMware shares equal to $1,000 divided by the initial share price.

J.P. Morgan Securities LLC is the agent.

The notes will price Nov. 13 and settle Nov. 18.

The Cusip number is 46625HPA2.

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