Published on 4/27/2016 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $2.15 million callable contingent interest notes linked to three stocks
By Wendy Van Sickle
Columbus, Ohio, April 27 – JPMorgan Chase & Co. priced $2.15 million of callable contingent interest notes due May 2, 2019 linked to the American Depositary Shares of BP plc, the class C capital stock of Alphabet Inc. and the common stock of T-Mobile US, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent monthly coupon at an annual rate of 8.3% if each stock closes at or above its barrier level, 60% of its initial level, on the review date for that month.
The notes will be callable at par on any quarterly optional call payment date after one year.
The payout at maturity will be par unless any stock finishes below its 50% trigger level, in which case investors will be fully exposed to any losses of the worst performing stock.
Goldman, Sachs & Co. is the agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Callable contingent interest notes
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| Underlying stocks: | BP plc, Alphabet Inc. and T-Mobile US, Inc.
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| Amount: | $2,147,000
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| Maturity: | May 2, 2019
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| Coupon: | 8.3% per year, payable monthly if each stock closes at or above its barrier level on review date for the month
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below trigger level, in which case full exposure to any losses of worst performing stock
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| Call option: | At par on any quarterly optional call payment date after one year
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| Initial values: | $31.79 for BP, $723.15 for Alphabet, $41.18 for T-Mobile
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| Barrier levels: | $19.074 for BP, $433.89 for Alphabet, $24.708 for T-Mobile; 60% of initial levels
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| Trigger levels: | $15.895 for BP, $361.575 for Alphabet, $20.59 for T-Mobile; 50% of initial levels
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| Pricing date: | April 25
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| Settlement date: | April 28
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| Agent: | Goldman, Sachs & Co.
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| Fees: | 3.35%
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| Cusip: | 48128GVT4
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