Published on 1/14/2016 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $8.8 million autocallable reverse exchangeables linked to pharma stocks
By Angela McDaniels
Tacoma, Wash., Jan. 14 – JPMorgan Chase & Co. priced $8.8 million of 10% autocallable reverse exchangeable notes due July 17, 2017 linked to the least performing of the stocks of Amgen Inc., Celgene Corp. and Regeneron Pharmaceuticals, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if each stock closes at or above its initial share price on April 12, 2016, July 12, 2016, Oct. 12, 2016, Jan. 12, 2017 or April 12, 2017.
If the notes are not called, the payout at maturity will be par unless the final share price of any stock is less than its trigger value, 60% of its initial share price, in which case the payout will be a number of shares of the least-performing stock equal to $1,000 divided by its initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Autocallable reverse exchangeable notes
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| Underlying stocks: | Amgen Inc. (Symbol: AMGN), Celgene Corp. (Symbol: CELG) and Regeneron Pharmaceuticals, Inc. (Symbol: REGN)
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| Amount: | $8.8 million
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| Maturity: | July 17, 2017
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| Coupon: | 10%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless final share price of any stock is less than trigger value, in which case number of shares of least-performing stock equal to $1,000 divided by initial share price or, at issuer’s option, amount in cash equal to value of those shares
|
| Call: | At par if each stock closes at or above initial share price on April 12, 2016, July 12, 2016, Oct. 12, 2016, Jan. 12, 2017 or April 12, 2017
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| Initial share prices: | $150.79 for Amgen, $106.85 for Celgene and $474.98 for Regeneron
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| Trigger values: | $90.474 for Amgen, $64.11 for Celgene and $284.988 for Regeneron; 60% of initial share prices
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| Pricing date: | Jan. 12
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| Settlement date: | Jan. 15
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 3.21%
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| Cusip: | 46625HPY0
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