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JPMorgan to price contingent income autocallables linked to Workday
By Toni Weeks
San Luis Obispo, Calif., July 25 – JPMorgan Chase & Co. plans to price contingent income autocallable securities due Aug. 6, 2015 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 11.6% 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: 481246593) are expected to price Aug. 1 and settle three business days later.
J.P. Morgan Securities LLC is the agent with Morgan Stanley Smith Barney LLC as dealer.
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