Published on 3/30/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $8 million 10% autocallable reverse exchangeables on three pharma stocks
By Toni Weeks
San Luis Obispo, Calif., March 30 – JPMorgan Chase & Co. priced $8 million of 10% autocallable reverse exchangeable notes due Sept. 29, 2016 linked to the worst performing of the common stocks of Amgen, Inc., Celgene Corp. and Regeneron Pharmaceuticals, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if each stock closes at or above the initial share price on any quarterly review date other than the final review date.
The payout at maturity will be par unless any stock finishes below its trigger level, 65% of the initial level, in which case the payout will be a number of shares of the worst performing stock equal to $1,000 divided by the initial share price.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable reverse exchangeable notes
|
| Underlying stocks: | Amgen, Inc. (Symbol: AMGN), Celgene Corp. (Symbol: CELG) and Regeneron Pharmaceuticals, Inc. (Symbol: REGN)
|
| Amount: | $8 million
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| Maturity: | Sept. 29, 2016
|
| Coupon: | 10%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below its trigger level, in which case a number of shares of worst performing stock equal to $1,000 divided by initial share price
|
| Call: | Automatically at par if each stock closes at or above initial share price on any quarterly review date other than final review date
|
| Initial share prices: | $160.55 for Amgen, $117.66 for Celgene and $448.375 for Regeneron
|
| Trigger prices: | $104.3575 for Amgen, $76.479 for Celgene, $291.44375 for Regeneron, 65% of initial levels
|
| Pricing date: | March 26
|
| Settlement date: | March 31
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 2.914%
|
| Cusip: | 48125ULE0
|
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