Published on 8/28/2014 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $7.77 million range accrual notes on Libor, S&P 500
By Marisa Wong
Madison, Wis., Aug. 28 – JPMorgan Chase & Co. priced $7.77 million of callable range accrual notes due Aug. 29, 2029 linked to the S&P 500 index and six-month Libor, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 6% per year multiplied by the proportion of days on which the index’s closing level is greater than or equal to 75% of the initial index level and Libor is 5% or less. Interest is payable quarterly.
The payout at maturity will be par.
Beginning Aug. 29, 2019, the notes will be callable at par on any interest payment date.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Callable range accrual notes
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Underlyings: | S&P 500 index and six-month Libor
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Amount: | $7,773,000
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Maturity: | Aug. 29, 2029
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Coupon: | 6% per year multiplied by proportion of days on which index closes at or above reference level and Libor is 5% or less; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on any interest payment date from Aug. 29, 2019 onward
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Initial index level: | 2,000.02
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Reference level: | 1,500.015, 75% of initial level
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Pricing date: | Aug. 26
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Settlement date: | Aug. 29
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Agent: | J.P. Morgan Securities LLC
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Fees: | 3.5%
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Cusip: | 48126N7L5
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