Published on 11/18/2014 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.62 million review notes on S&P GSCI Crude Oil index
By Toni Weeks
San Luis Obispo, Calif., Nov. 18 – JPMorgan Chase & Co. priced $1.62 million of 0% review notes due Dec. 17, 2015 linked to the S&P GSCI Crude Oil Index Excess Return, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a call premium if the index closes at or above the initial index level on any review date. The call premium is 3.375% if the notes are called on Feb. 17, 6.75% if called on May 14, 2015, 10.125% if called on Aug. 14, 2015 and 13.5% if called on Dec. 14, 2015.
If the notes are not called and the final index level is at least 80% of the initial level, the payout at maturity will be par plus the absolute value of the index return. Otherwise, investors will lose 1% for every 1% that the index declines from the initial level.
The final index level will be the average of the closing index levels on the five trading days ending Dec. 14, 2015.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Review notes
|
| Underlying index: | S&P GSCI Crude Oil Index Excess Return
|
| Amount: | $1,615,000
|
| Maturity: | Dec. 17, 2015
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If final index level is at least 80% of initial level, par plus absolute value of the index return; if index declines by more than 20%, 1% loss for every 1% that final index level is less than initial level
|
| Call: | Automatically at par plus a call premium if index closes at or above initial level on any quarterly review date; if called, call premium is 3.375% on Feb. 17, 6.75% on May 14, 2015, 10.125% on Aug. 14, 2015 and 13.5% on Dec. 14, 2015
|
| Initial level: | 418.5622
|
| Final level: | Average of index’s closing levels on five trading days ending Dec. 14, 2015
|
| Pricing date: | Nov. 14
|
| Settlement date: | Nov. 19
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.05%
|
| Cusip: | 48127DPC6
|
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