Published on 1/17/2014 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $3.96 million contingent interest autocallables linked to two indexes
By Toni Weeks
San Luis Obispo, Calif., Jan. 17 - JPMorgan Chase & Co. priced $3.96 million of autocallable contingent interest notes due July 20, 2016 linked to the lesser performing of the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each component closes at or above its 65% interest barrier on a quarterly review date, the notes will pay a coupon at an annualized rate of 6% for that quarter.
If each component closes at or above its initial level on any review date beginning Oct. 15, 2014, the notes will be called at par plus the contingent coupon.
If the notes have not been called and each index finishes at or above its 65% trigger level, the payout at maturity will be par plus the contingent interest payment. Otherwise investors will be exposed to the decline of the lesser-performing index from its initial level.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying indexes: | S&P 500, Euro Stoxx 50
|
| Amount: | $3.96 million
|
| Maturity: | July 20, 2016
|
| Coupon: | 6% per year, payable quarterly if each index closes at or above trigger price that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above its 65% trigger level, par plus the contingent interest payment; otherwise full exposure to decline of lesser-performing index from its initial level
|
| Call: | At par plus contingent coupon if each component closes at or above its initial level on any quarterly review date beginning Oct. 15, 2014
|
| Initial levels: | 1,848.38 for S&P, 3,168.76 for Euro Stoxx
|
| Trigger levels: | 1,201.447 for S&P, 2,059.694 for Euro Stoxx, 65% of initial levels
|
| Pricing date: | Jan. 15
|
| Settlement date: | Jan. 21
|
| Underwriter: | J.P. Morgan Securities LLC
|
| Fees: | 0.09757%
|
| Cusip: | 48126NW29
|
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