Published on 12/11/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.37 million contingent interest autocallables linked to Disney, Nike, Wal-Mart
By Angela McDaniels
Tacoma, Wash., Dec. 11 – JPMorgan Chase & Co. priced $1.37 million of autocallable contingent interest notes due Nov. 29, 2018 linked to the least performing of the common stock of Walt Disney Co., the class B common stock of Nike, Inc. and the common stock of Wal-Mart Stores, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at an annual rate of 10.15% if each stock closes at or above its interest barrier, 70% of its initial share price, on the review date for that month.
The notes will be automatically called at par plus the contingent coupon if each stock closes at or above its initial share price on any autocall review date, which occur quarterly from Feb. 24, 2016 to Aug. 24, 2018.
If the notes have not been called, the payout at maturity will be par plus the final coupon, if any, unless any stock finishes below its trigger value, 60% of its initial share price, in which case investors will lose 1% for every 1% that the least-performing stock declines below its initial share price.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Autocallable contingent interest notes
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| Stocks: | Walt Disney Co. (Symbol: DIS), Nike, Inc.. (Symbol: NKE) and Wal-Mart Stores, Inc. (Symbol: WMT)
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| Amount: | $1.37 million
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| Maturity: | Nov. 29, 2018
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| Coupon: | Notes pay monthly contingent coupon at annual rate of 10.15% if each stock closes at or above interest barrier on review date for that month
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| Price: | Par
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| Payout at maturity: | Par plus final coupon, if any, unless any stock finishes below trigger value, in which case full exposure to decline of least-performing stock
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| Call: | Automatically at par plus contingent coupon if each stock closes at or above initial share price on Feb. 24, 2016, May 24, 2016, Aug. 24, 2016, Nov. 25, 2016, Feb. 24, 2017, May 24, 2017, Aug. 24, 2017, Nov. 24, 2017, Feb. 26, 2018, May 24, 2018 or Aug. 24, 2018
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| Initial share prices: | $117.95 for Disney, $132.51 for Nike and $59.92 for Wal-Mart
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| Interest barriers: | $82.565 for Disney, $92.757 for Nike and $41.944 for Wal-Mart; 70% of initial share prices
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| Trigger values: | $70.77 for Disney, $79.506 for Nike and $35.952 for Wal-Mart; 60% of initial share prices
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| Pricing date: | Nov. 24
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| Settlement date: | Nov. 30
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 3.35%
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| Cusip: | 48128GDD9
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