Published on 3/5/2014 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.34 million autocallable contingent interest notes linked to Splunk
By Angela McDaniels
Tacoma, Wash., March 5 - JPMorgan Chase & Co. priced $1.34 million of autocallable contingent interest notes due March 18, 2015 linked to the common stock of Splunk Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If Splunk shares close at or above the trigger level, 65% of the initial share price, on a quarterly review date, the notes will pay a coupon at an annual rate of 14.7% for that quarter.
If the shares close at or above the initial share price on any review date other than the final review date, the notes will be called at par plus the coupon.
If the notes have not been called and the stock finishes at or above the trigger level, the payout at maturity will be par plus the coupon. Otherwise, investors will be fully exposed to losses.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying stock: | Splunk Inc. (Symbol: SPLK)
|
| Amount: | $1,339,000
|
| Maturity: | March 18, 2015
|
| Coupon: | 3.675% (equivalent to 14.7% per year) payable quarterly if Splunk shares close at or above trigger level on review date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless Splunk shares finish below trigger level, in which case investors share fully in losses
|
| Call: | Automatically at par plus contingent coupon if Splunk shares close at or above initial share price on June 12, 2014, Sept. 11, 2014 or Dec. 11, 2014
|
| Initial share price: | $92.75
|
| Final share price: | Average of closing share prices on March 9, 2015, March 10, 2015, March 11, 2015, March 12, 2015 and March 13, 2015
|
| Trigger level: | $60.2875, 65% of initial share price
|
| Pricing date: | Feb. 28
|
| Settlement date: | March 5
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 48126N5C7
|
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