By Toni Weeks
San Diego, June 24 - JPMorgan Chase & Co. priced $11.88 million of 11% trigger yield optimization notes due June 27, 2012 linked to the common stock of Cliffs Natural Resources Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The face amount of each note is equal to the initial price of Cliffs stock.
The payout at maturity will be par unless the final price of Cliffs stock is less than 70% of the initial share price, in which case investors will receive one Cliffs share per note.
UBS Financial Services Inc. and J.P. Morgan Securities LLC are the underwriters.
Issuer: | JPMorgan Chase & Co.
|
Issue: | Trigger yield optimization notes
|
Underlying stock: | Cliffs Natural Resources Inc. (NYSE: CLF)
|
Amount: | $11,877,967.70
|
Maturity: | June 27, 2012
|
Coupon: | 11%, payable monthly
|
Price: | Par of $84.22
|
Payout at maturity: | If final share price is less than trigger price, one Cliffs share; otherwise, par
|
Initial share price: | $84.22
|
Trigger price: | $58.95, 70% of initial price
|
Pricing date: | June 22
|
Settlement date: | June 27
|
Underwriters: | UBS Financial Services Inc. and J.P. Morgan Securities LLC
|
Fees: | 2%
|
Cusip: | 46634X153
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.