By Jennifer Chiou
New York, July 22 – JPMorgan Chase & Co. priced $22,112,790 of contingent income autocallable securities due July 21, 2017 linked to Apple Inc. shares, according to an FWP with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9% if Apple stock closes at or above the 80% barrier level on the determination date for that quarter.
The notes will be called at par plus the contingent coupon if the stock closes at or above the initial level on any quarterly determination date other than the final date.
If the notes are not called and Apple stock finishes at or above the 80% barrier level, the payout at maturity will be par plus the contingent payment.
Otherwise, investors will receive a number of shares of Apple stock equal to $10 divided by the initial share price or, at the issuer's option, the cash value of those shares.
J.P. Morgan Securities LLC is the agent with Morgan Stanley Smith Barney LLC as dealer.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Apple Inc. (Symbol: AAPL)
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| Amount: | $22,112,790
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| Maturity: | July 21, 2017
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| Contingent coupon: | 9% annualized for each quarter that Apple stock closes at or above barrier level on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If stock finishes at or above downside threshold level, par plus contingent payment; otherwise 0.1059 Apple shares
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| Call: | At par plus contingent payment if stock closes at or above initial level on any quarterly determination date other than final one
|
| Initial share price: | $94.43
|
| Barrier level: | $75.544, 80% of initial share price
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| Pricing date: | July 18
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| Settlement date: | July 23
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| Agent: | J.P. Morgan Securities LLC with Morgan Stanley Smith Barney LLC as distributor
|
| Fees: | 2.25%
|
| Cusip: | 48126E131
|
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