Published on 10/23/2014 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $295,000 9% airbag yield notes linked to Macy’s
By Susanna Moon
Chicago, Oct. 23 – JPMorgan Chase & Co. priced $295,000 of 9% airbag yield optimization securities due Jan. 26, 2015 linked to Macy’s Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless the final share price is less than the conversion price, in which case the payout will be a number of Macy’s shares equal to $1,000 divided by the conversion price. The conversion price is 90% of the initial share price.
UBS Financial Services Inc. and J.P. Morgan Securities LLC are the agents.
Issuer: | JPMorgan Chase & Co.
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Issue: | Airbag yield optimization securities
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Underlying stock: | Macy’s Inc. (Symbol: M)
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Amount: | $295,000
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Maturity: | Jan. 26, 2015
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Coupon: | 9% annualized, payable monthly
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Price: | Par
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Payout at maturity: | If final share price is less than conversion price, number of Macy’s shares equal to $1,000 divided by the conversion price; otherwise, par
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Call: | At par if Macy’s shares close at or above the initial share price on any quarterly observation date
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Initial share price: | $56.21
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Conversion price: | $50.59, 90% of initial price
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Pricing date: | Oct. 20
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Settlement date: | Oct. 23
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Agents: | UBS Financial Services Inc. and J.P. Morgan Securities LLC
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Fees: | 0.3%
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Cusip: | 48127H240
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