By Susanna Moon
Chicago, May 16 - JPMorgan Chase & Co. priced $1 million of autocallable contingent interest notes due June 4, 2014 linked to the lesser performing of Masco Corp. shares and Weyerhaeuser Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If each stock closes at or above its interest barrier, 65% of the initial price, on a quarterly review date, the notes will pay a contingent coupon of 2.9%, equivalent to 12.6% per year. Otherwise, no coupon will be paid that quarter.
If each stock closes at or above its initial price on any quarterly review date other than the final review date, the notes will be automatically called at par plus the contingent coupon.
A trigger event occurs if either stock finishes below the 65% trigger price.
The payout at maturity will be par plus the contingent coupon unless a trigger event occurs, in which case investors will be fully exposed to the decline of the lesser performing stock.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying stocks: | Masco Corp. (Symbol: MAS) and Weyerhaeuser Co. (Symbol: WY)
|
| Amount: | $1.5 million
|
| Maturity: | June 4, 2014
|
| Contingent coupon: | 12.6% per year if each stock closes at or above interest barrier on review date, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless either stock finishes below trigger price, in which case par plus return of lesser performing stock
|
| Call: | At par plus contingent coupon if each stock closes at or above initial price on any quarterly review date other than final review date
|
| Initial prices: | $22.17 for Masco, $32.26 for Weatherford
|
| Trigger prices: | $14.4105 for Masco, $20.969 for Weatherford; 65% of initial prices
|
| Pricing date: | May 14
|
| Settlement date: | May 17
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 48126NAC1
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
