Published on 12/22/2011 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $900,000 11.5% upside callable reverse exchangeables on MetLife
By Susanna Moon
Chicago, Dec. 22 - JPMorgan Chase & Co. priced $900,000 of 11.5% upside autocallable single observation reverse exchangeable notes due Dec. 21, 2012 linked to MetLife 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 MetLife stock closes above the initial share price any of three call dates.
The payout at maturity will be par unless the stock falls by more than 35%, in which case the payout will be a number of MetLife shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the cash equivalent.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Upside autocallable single observation reverse exchangeable notes
|
| Underlying stock: | MetLife Inc. (NYSE: MET)
|
| Amount: | $900,000
|
| Maturity: | Dec. 21, 2012
|
| Coupon: | 11.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless stock falls by more than protection amount, in which case 33.1455 MetLife shares or cash equivalent
|
| Call: | At par if MetLife stock closes above initial share price on March 20, June 20, 2012 or Sept. 19, 2012
|
| Initial share price: | $30.17
|
| Protection amount: | $10.5595, or 35% of initial price
|
| Pricing date: | Dec. 20
|
| Settlement date: | Dec. 23
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 4.811%, including 2.85% for selling concessions
|
| Cusip: | 48125VGL8
|
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