By Susanna Moon
Chicago, Nov. 18 – JPMorgan Chase & Co. priced $151,000 of 8.5% autocallable reverse exchangeable notes due Nov. 21, 2016 linked to the class A common stock of VMware Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if VMware stock closes at or above the initial share price on either call date.
The payout at maturity will be par unless the stock finishes below its initial level and ever closes below the trigger level, 60% of the initial share price, on any day during the life of the notes, in which case the payout will be a number of VMware shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Autocallable reverse exchangeable notes
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| Underlying: | VMware Inc. (Symbol: VMW)
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| Amount: | $151,000
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| Maturity: | Nov. 21, 2016
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| Coupon: | 8.5%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par in cash unless stock falls and ever dips below trigger level, in which case 17.0329 VMware shares
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| Call: | At par plus accrued interest if stock closes at or above initial price on May 13, 2016 or Aug. 15, 2016
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| Initial level: | $58.71
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| Barrier level: | 60% of initial level
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| Pricing date: | Nov. 13
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| Settlement date: | Nov. 18
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1.5%
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| Cusip: | 46625HPA2
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