By Toni Weeks
San Luis Obispo, Calif., May 29 – JPMorgan Chase & Co. priced $1.92 million of contingent coupon callable yield notes due June 1, 2017 linked to the class A common stock of Under Armour, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 8.3% per year if the stock closes at or above its barrier level, 70% of its initial share price, on the observation date for that quarter.
The payout at maturity will be par unless the stock finishes below its barrier level, in which case investors will be fully exposed to the stock’s decline.
The notes will be callable at par on any interest payment date other than the final one.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Contingent coupon callable yield notes
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Underlying stock: | Under Armour, Inc. (Symbol: UA)
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Amount: | $1,918,000
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Maturity: | June 1, 2017
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Coupon: | 8.3% per year, payable quarterly if stock closes at or above barrier price on observation date for that quarter
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Price: | Par
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Payout at maturity: | If stock finishes at or above barrier level, par plus coupon; otherwise, full exposure to any losses
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Call option: | At par on any interest payment date other than final date
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Initial share price: | $77.72
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Barrier level: | $54.404, 70% of initial price
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Pricing date: | May 26
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Settlement date: | May 29
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Agent: | J.P. Morgan Securities LLC
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Fees: | 1.75%
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Cusip: | 48125UUZ3
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