By Toni Weeks
San Luis Obispo, Calif., Nov. 14 – JPMorgan Chase & Co. priced $2 million of 10% upside autocallable single observation reverse exchangeable notes due Dec. 2, 2015 linked to Pioneer Natural Resources Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
If the closing share price is equal to or greater than the initial price on any quarterly call date, the notes will be called at par plus accrued interest.
If the notes are not called, the payout at maturity will be par unless Pioneer stock closes below the trigger price – 70% of the initial share price – on the Nov. 27, 2015 observation date, in which case the payout will be a number of shares of Pioneer stock equal to $1,000 divided by the initial share price or, at the issuer's option, a cash amount equal to the value of those shares.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Upside autocallable single observation reverse exchangeable notes
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| Underlying stock: | Pioneer Natural Resources Co. (Symbol: PXD)
|
| Amount: | $2 million
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| Maturity: | Dec. 2, 2015
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| Coupon: | 10%, payable quarterly
|
| Price: | Par
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| Payout at maturity: | If stock falls by more than buffer amount on Nov. 27, 2015, 5.8682 shares of Pioneer stock or equivalent in cash; otherwise, par
|
| Initial share price: | $170.41
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| Buffer amount: | $51.123, or 30% of initial share price
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| Pricing date: | Nov. 12
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| Settlement date: | Nov. 17
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1%, used for selling concessions
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| Cusip: | 48127DV70
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