Published on 3/18/2014 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $805,000 autocallable contingent interest notes linked to Weatherford
By Angela McDaniels
Tacoma, Wash., March 18 - JPMorgan Chase & Co. priced $805,000 of autocallable contingent interest notes due April 1, 2015 linked to the common stock of Weatherford International Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a coupon at an annual rate of 13.25% if Weatherford shares close at or above the trigger level, 80% of the initial share price, on the review date for that quarter.
The notes will be called at par plus the contingent coupon if Weatherford shares close at or above the initial share price on any quarterly review date other than the final review date.
If the notes have not been called and the stock finishes at or above the trigger level, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be fully exposed to the stock's decline.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying stock: | Weatherford International Ltd. (Symbol: WFT)
|
| Amount: | $805,000
|
| Maturity: | April 1, 2015
|
| Coupon: | 3.3125% (equivalent to 13.25% per year) payable quarterly if Weatherford shares close at or above trigger level on review date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless Weatherford shares finish below trigger level, in which case investors share fully in losses
|
| Call: | Automatically at par plus contingent coupon if Weatherford shares close at or above initial share price on June 26, 2014, Sept. 25, 2014 or Dec. 26, 2014
|
| Initial share price: | $16.09
|
| Final share price: | Average of closing share prices on March 23, 2015, March 24, 2015, March 25, 2015, March 26, 2015 and March 27, 2015
|
| Trigger level: | $12.872, 80% of initial share price
|
| Pricing date: | March 14
|
| Settlement date: | March 19
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 48127DBL1
|
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