JPMorgan to price autocallable reverse exchangeables linked to Apple

By Angela McDaniels

Tacoma, Wash., July 31 – JPMorgan Chase & Co. plans to price autocallable reverse exchangeable notes due Aug. 22, 2016 linked to the common stock of Apple Inc., according to an FWP filing with the Securities and Exchange Commission.

The coupon is expected to be 7.25% to 9.25% per year and will be set at pricing. Interest will be payable monthly.

The notes will be called at par if Apple stock closes at or above the initial share price on Feb. 16, 2016, May 16, 2016 or Aug. 17, 2016.

If the notes are not called, the payout at maturity will be par unless Apple stock closes below the trigger level, 75% of the initial share price, during the life of the notes and finishes below the initial price, in which case the payout will be a number of Apple shares equal to $1,000 divided by the initial share price.

J.P. Morgan Securities LLC is the agent.

The notes will price Aug. 14 and settle Aug. 19.

The Cusip number is 46625HMR8.

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