By Angela McDaniels
Tacoma, Wash., Dec. 23 – JPMorgan Chase & Co. priced $1.7 million of autocallable contingent interest notes due Jan. 5, 2017 linked to the class C common stock of Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 12% per year if Alphabet shares close at or above the trigger level, 79% of the initial share price, on the review date for that quarter.
The notes will be automatically called at par plus the contingent coupon if Alphabet shares close at or above the initial share price on March 31, 2016, June 30, 2016 or Sept. 30, 2016.
The payout at maturity will be par plus the final contingent interest payment unless the final share price is less than the trigger level, in which case investors will be fully exposed to the decline in the share price.
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 stock: | Alphabet Inc. (Symbol: GOOG)
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Amount: | $1.7 million
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Maturity: | Jan. 5, 2017
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Coupon: | 12%, payable quarterly if stock closes at or above trigger price on review date for that quarter
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Price: | Par
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Payout at maturity: | Par plus contingent coupon if Alphabet shares finish at or above trigger price; otherwise, par plus stock return
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Call: | Automatically at par plus contingent coupon if Alphabet shares close at or above initial price on a quarterly review date
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Review dates: | March 31, 2016, June 30, 2016 and Sept. 30, 2016
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Initial share price: | $739.31
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Trigger price: | $584.0549, 79% of initial price
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Pricing date: | Dec. 18
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Settlement date: | Dec. 23
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Underwriters: | J.P. Morgan Securities LLC
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Fees: | 1%
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Cusip: | 48128GGC8
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