New Issue: JPMorgan prices $90,000 21.5% reverse exchangeables linked to Zillow

By Toni Weeks

San Luis Obispo, Calif., Oct. 31 - JPMorgan Chase & Co. priced $90,000 of 21.5% annualized reverse exchangeable notes due April 29, 2014 linked to the common stock of Zillow, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless the closing share price ever drops by more than 40% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Zillow shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, a cash amount equal to the value of those shares.

J.P. Morgan Securities LLC is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Zillow, Inc. (Symbol: Z)
Amount:	$90,000
Maturity:	April 29, 2014
Coupon:	21.5%, payable monthly
Price:	Par
Payout at maturity:	Par unless closing share price ever drops by more than 40% during the life of the notes and finishes below initial share price, in which case 11.9804 Zillow shares or, at JPMorgan's option, the cash equivalent
Initial price:	$83.47
Buffer amount:	$33.388, 40% of initial price
Pricing date:	Oct. 29
Settlement date:	Oct. 31
Agent:	J.P. Morgan Securities LLC
Fees:	2.137%
Cusip:	48126NYD3

© 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.