JPMorgan to price contingent income autocallables linked to Workday

By Toni Weeks

San Luis Obispo, Calif., June 6 – JPMorgan Chase & Co. plans to price contingent income autocallable securities due June 16, 2017 linked to Workday, Inc. shares, according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at a rate of at least 16% per year if Workday stock closes at or above the 65% downside threshold level on the determination date for that quarter. The exact coupon will be set at pricing.

If the shares close at or above the initial price on any quarterly determination date other than the final date, the notes will be called at par plus the contingent coupon.

If the notes are not called and Workday stock finishes at or above the 65% trigger level, the payout at maturity will be par plus the contingent payment.

Otherwise, investors will receive a number of shares of Workday stock equal to $10 divided by the initial share price or, at the issuer’s option, the cash value of those shares.

The notes (Cusip: 48127E254) are expected to price June 13 and settle three business days later.

J.P. Morgan Securities LLC is the agent with Morgan Stanley Smith Barney LLC as dealer.

© 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.