New Issue: JPMorgan prices $938,000 8% autocallable reverse exchangeables on Apple

By Marisa Wong

Madison, Wis., Jan. 2 – JPMorgan Chase & Co. priced $938,000 of 8% upside autocallable reverse exchangeable notes due April 4, 2016 linked to Apple Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes will be called at par if Apple stock closes at or above the initial share price on June 30, 2015, Sept. 30, 2015 or Dec. 30, 2015.

If the notes are not called, the payout at maturity will be par unless Apple stock closes below the buffer level, 75% of the initial level, during the life of the notes and finishes below the initial price, in which case the payout will be a number of Apple shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash value of those shares.

J.P. Morgan Securities LLC is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Upside autocallable reverse exchangeable notes
Underlying stock:	Apple Inc. (Symbol: AAPL)
Amount:	$938,000
Maturity:	April 4, 2016
Coupon:	8%, payable monthly
Price:	Par
Payout at maturity:	Par unless Apple stock declines by more than buffer amount during life of notes and finishes below initial price, in which case 8.8873 Apple shares or, at issuer’s option, cash value of those shares
Call:	At par if Apple stock closes at or above initial share price on June 30, 2015, Sept. 30, 2015 or Dec. 30, 2015
Initial share price:	$112.52
Buffer amount:	$28.13, 25% of initial share price
Pricing date:	Dec. 30
Settlement date:	Jan. 5
Agent:	J.P. Morgan Securities LLC
Fees:	1.5%
Cusip:	48127D3W6

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