Published on 1/31/2014 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $3.45 million callable contingent interest notes on indexes, fund
By Susanna Moon
Chicago, Jan. 31 - JPMorgan Chase & Co. priced $3.45 million of callable contingent interest notes due Feb. 2, 2015 linked to the S&P 500 index, the Euro Stoxx 50 index and the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
If each underlying component closes at or above the 70% coupon barrier level on a quarterly review date, the notes will pay a coupon at an annualized rate of 9% for that quarter.
The notes are callable at par plus the coupon on any quarterly review date other than the final date.
The payout at maturity will be par unless any component finishes below its 60% trigger level, in which case investors will be fully exposed to any losses of the worse performing component.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Callable contingent interest notes
|
| Underlying components: | S&P 500 index, Euro Stoxx 50 index and iShares MSCI Emerging Markets ETF
|
| Amount: | $3,445,000
|
| Maturity: | Feb. 2, 2015
|
| Coupon: | 9% per year, payable quarterly if each component closes at or above coupon barrier level on a quarterly review date
|
| Price: | Par
|
| Payout at maturity: | Par unless any component falls below trigger level, in which case full exposure to any losses
|
| Call option: | At par plus coupon on any quarterly review date other than final date
|
| Initial levels: | 1,792.5 for S&P, 3,038.60 for Euro Stoxx and $38.33 for EM fund
|
| Barrier level: | 1,792.50 for S&P, 2,127.02 for Euro Stoxx and $26.831 for EM fund; 70% of initial levels
|
| Trigger levels: | 1,075.50 for S&P, 1,823.16 for Euro Stoxx and $22.998; 60% of initial levels
|
| Pricing date: | Jan. 28
|
| Settlement date: | Jan. 31
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 0.1%
|
| Cusip: | 48126N2D8
|
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