Published on 4/27/2012 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $84,000 10.5% autocallable yield notes on Gold Miners, iShares MSCI EAFE
By Toni Weeks
San Diego, April 27 - JPMorgan Chase & Co. priced $84,000 of 10.5% autocallable yield notes due April 30, 2013 linked to the Market Vectors Gold Miners exchange-traded fund and the iShares MSCI EAFE index fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if both funds close at or above their initial levels on any of three call dates.
A trigger event will occur if either fund falls by more than 35% during the life of the notes.
The payout at maturity will be par unless either fund finishes below its initial level and ever dips below the 65% trigger level, in which case investors will lose 1% for every 1% decline of the worst-performing fund.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable yield notes
|
| Underlying funds: | Market Vectors Gold Miners ETF and iShares MSCI index fund
|
| Amount: | $84,000
|
| Maturity: | April 30, 2013
|
| Coupon: | 10.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If either fund falls below 65% of initial level during life of notes and finishes below initial level, 1% loss for every 1% decline of worst-performing fund; otherwise, par
|
| Call: | At par if both underlying funds close at or above initial levels on July 26, Oct. 26 or Jan. 28, 2013
|
| Initial levels: | $46.26 for Gold Miners, $53.52 for iShares MSCI EAFE
|
| Protection amount: | $16.191 for Gold Miners, $18.732 for iShares MSCI EAFE, 35% of initial levels
|
| Pricing date: | April 25
|
| Settlement date: | April 30
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 3.5%, including 1.604% for selling concessions
|
| Cusip: | 48125VTR1
|
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