By Susanna Moon
Chicago, April 26 – JPMorgan Chase & Co. priced $1.62 million of callable contingent interest notes due July 31, 2017 linked to Apple Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8% if the stock closes at or above its coupon barrier level, 70% of its initial price, on the review date for that quarter.
The notes are callable at par plus the contingent coupon on any review date other than the first and final dates.
The payout at maturity will be par plus the contingent coupon unless the stock finishes below its initial level and ever dips below the 70% trigger level during the life of the notes, in which case investors will be fully exposed to any losses.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Callable contingent interest notes
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| Underlying stock: | Apple Inc. (symbol: AAPL)
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| Amount: | $1,615,000
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| Maturity: | July 31, 2017
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| Coupon: | 8% annually, payable quarterly if Apple closes at or above barrier level on review date for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par plus final coupon unless Apple falls and ever closes below barrier level during life of notes, in which case 9.46253 Apple shares
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| Call: | At par plus contingent coupon on any interest payment date other than first and final dates
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| Initial level: | $105.68
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| Barrier level: | 70% of initial level
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| Pricing date: | April 22
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| Settlement date: | April 27
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1.65%
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| Cusip: | 46625HQY9
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