Published on 11/17/2011 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $469,000 upside autocallable reverse exchangeables on Freeport-McMoRan
By Jennifer Chiou
New York, Nov. 17 - JPMorgan Chase & Co. priced $469,000 of 13.25% annualized upside autocallable single observation reverse exchangeable notes due May 18, 2012 linked to the common stock of Freeport-McMoRan Copper & Gold Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus accrued interest if Freeport-McMoRan stock closes above the initial share price on any of two quarterly call dates. The call dates are Feb. 14 and May 15, 2012.
The payout at maturity will be par unless the final share price is less than the initial share price by more than 35%, in which case the payout will be a number of Freeport-McMoRan shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, a cash amount equal to the value of those shares.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Upside autocallable single observation reverse exchangeable notes
|
| Underlying stock: | Freeport-McMoRan Copper & Gold Inc. (Symbol: FCX)
|
| Amount: | $469,000
|
| Maturity: | May 18, 2012
|
| Coupon: | 13.25%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless final share price is less than initial price by more than protection amount, in which case a number of Freeport-McMoRan shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, a cash amount equal to the value of those shares
|
| Call: | Automatically at plus accrued interest if Freeport-McMoRan stock closes above the initial share price on any of two quarterly call dates: Feb. 14 and May 15, 2012
|
| Initial price: | $39.59
|
| Protection amount: | $13.8565, 35% of initial price
|
| Pricing date: | Nov. 15
|
| Settlement date: | Nov. 18
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 3.7%
|
| Cusip: | 48125VBC3
|
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