JPMorgan plans autocallable reverse exchangeable notes tied to stocks

By Marisa Wong

Madison, Wis., May 22 – JPMorgan Chase & Co. plans to price autocallable reverse exchangeable notes due Dec. 1, 2016 linked to the least performing of the class B common stock of Nike, Inc. and the class A common stock of Under Armour, Inc., according to an FWP with the Securities and Exchange Commission.

The coupon will be at least 8%, payable monthly. The exact rate will be set at pricing.

The notes will be called at par if each stock closes at or above the initial share price on any quarterly review date other than the final review date.

The payout at maturity will be par unless any stock finishes below the trigger price, 74% of the initial price, in which case the payout will be a number of shares of the worst performing stock equal to $1,000 divided by the initial share price or, at the issuer’s election, the cash value of those shares.

J.P. Morgan Securities LLC is the agent.

The notes will price on May 26 and settle on May 29.

The Cusip number is 46625HLJ7.

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