By Susanna Moon
Chicago, June 24 – JPMorgan Chase & Co. priced $2.65 million of trigger phoenix autocallable optimization securities due June 25, 2020 linked to Williams Cos., Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 8% if Williams stock closes at or above the 61.75% trigger level on an observation date for that month.
The notes will be called at par of $10 plus the contingent coupon if the shares close at or above the initial price on any monthly observation date after one year.
The payout at maturity will be par plus the contingent coupon unless Williams shares finish below the 61.75% trigger level, in which case investors will be fully exposed to any losses.
UBS Financial Services Inc. and J.P. Morgan Securities LLC are the underwriters.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Trigger phoenix autocallable optimization securities
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| Underlying stock: | Williams Cos., Inc. (Symbol: WMB)
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| Amount: | $2,645,970
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| Maturity: | June 25, 2020
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| Coupon: | 8% per year, payable monthly if stock closes at or above trigger price on observation date for that month
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| Price: | Par of $10.00
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| Payout at maturity: | Par plus contingent coupon if Williams shares finish at or above trigger price; otherwise, par plus stock return
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| Call: | At par plus contingent coupon if Williams shares close at or above initial price on monthly observation date beginning June 20, 2016
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| Initial level: | $48.34
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| Trigger level: | $29.85, 61.75% of initial level
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| Pricing date: | June 19
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| Settlement date: | June 24
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| Underwriters: | UBS Financial Services Inc. and J.P. Morgan Securities LLC
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| Fees: | 2.5%
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| Cusip: | 48127X310
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