By Susanna Moon
Chicago, June 17 – JPMorgan Chase & Co. priced $4.66 million of trigger phoenix autocallable optimization securities due Dec. 16, 2016 linked to the class A common stock of Workday, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 12% if the stock closes at or above the coupon barrier, 60% of the initial share price, on an observation date for that quarter.
The notes will be called at par if Workday shares close at or above the initial share price on any quarterly observation date.
The payout at maturity will be par unless the stock finishes below the 60% trigger level, in which case investors will be fully exposed to any losses.
J.P. Morgan Securities LLC and UBS Financial Services Inc. are the agents.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Trigger phoenix autocallable optimization securities
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| Underlying stock: | Workday, Inc. (Symbol: WDAY)
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| Amount: | $4,663,850
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| Maturity: | Dec. 16, 2016
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| Coupon: | 12%, payable quarterly if stock closes at or above trigger price on observation date for that quarter
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| Price: | Par of $10
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| Payout at maturity: | Par plus contingent coupon if shares finish at or above trigger level; otherwise, par plus stock return
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| Call: | At par plus contingent coupon if shares close at or above initial price on a quarterly observation date
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| Initial level: | $79.63
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| Trigger level: | $47.78, 60% of initial price
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| Pricing date: | June 12
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| Settlement date: | June 17
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| Underwriters: | J.P. Morgan Securities LLC and UBS Financial Services Inc.
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| Fees: | 1.5%
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| Cusip: | 48127X385
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