By Susanna Moon
Chicago, Oct. 1 – JPMorgan Chase & Co. priced $1.17 million of autocallable contingent interest notes due Dec. 30, 2016 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7.75% if each index closes at or above its barrier level, 70% of its initial level, on the review date for that quarter.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any review date other than the final date.
The payout at maturity will be par unless either index finishes below its initial level and either index ever closes below its 70% barrier level during the life of the notes, in which case investors will be fully exposed to any losses of the worse performing index.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Autocallable contingent interest notes
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Underlying indexes: | Russell 2000 and S&P 500
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Amount: | $1,173,000
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Maturity: | Dec. 30, 2016
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Coupon: | 7.75% annualized, payable quarterly if each underlying index closes at or above coupon barrier level on review date for that quarter
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Price: | Par
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Payout at maturity: | Par plus final coupon unless either index falls and either index ever closes below trigger level, in which case full exposure to any losses of worse performing index
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Call: | At par plus contingent coupon if each index closes at or above initial level on any review date other than final date
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Initial levels: | 1,122.789 for Russell and 1,931.34 for S&P
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Barrier levels: | 70% of initial levels
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Pricing date: | Sept. 25
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Settlement date: | Sept. 30
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Agent: | J.P. Morgan Securities LLC
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Fees: | 1.95226%
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Cusip: | 48125UV58
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