By Toni Weeks
San Luis Obispo, Calif., May 4 – JPMorgan Chase & Co. priced $1 million of 17.4% autocallable reverse exchangeable notes due May 13, 2016 linked to the common stock of Isis Pharmaceuticals, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Beginning Nov. 6, 2015, the notes will be called at par if Isis Pharmaceuticals stock closes at or above the strike value on any monthly review date other than final review date. The strike value is the stock’s closing share price on May 6.
If the notes are not called, the payout at maturity will be par unless the final share price is less than the strike value and the stock closes below the trigger price, 50% of the strike value, on any day during the life of the notes, in which case the payout will be a number of Isis Pharmaceuticals shares equal to $1,000 divided by the strike value.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Autocallable reverse exchangeable notes
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Underlying stock: | Isis Pharmaceuticals, Inc. (Symbol: ISIS)
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Amount: | $1 million
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Maturity: | May 13, 2016
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Coupon: | 17.4%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless final share price is less than strike value and stock closes below trigger price on any day during life of notes, in which case 16.5645 Isis Pharmaceuticals shares
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Call: | At par if stock closes at or above strike value on any monthly review date from Nov. 6, 2015 onward, not including final review date
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Strike value: | $60.37, closing share price on May 6
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Trigger value: | $30.185, 50% of strike value
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Pricing date: | May 6
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Settlement date: | May 13
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Agent: | J.P. Morgan Securities LLC
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Fees: | 1.65%
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Cusip: | 46625HKZ2
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