JPMorgan plans 8%-10% autocallable reverse exchangeables tied to Gilead

By Susanna Moon

Chicago, Aug. 14 – JPMorgan Chase & Co. plans to price 8% to 10% upside autocallable reverse exchangeable notes due Aug. 31, 2015 linked to Gilead Sciences, Inc. shares, according to an FWP with the Securities and Exchange Commission.

Interest will be payable monthly, with the exact rate to be set at pricing.

The notes will be called at par if Gilead stock closes at or above the initial share price on Feb. 26, 2015 or May 26, 2015.

The payout at maturity will be par unless Gilead stock ever closes below the buffer level, 70% of the initial share price, during the life of the notes and finishes below the initial price, in which case the payout will be a number of Gilead shares equal to $1,000 divided by the initial share price.

J.P. Morgan Securities LLC is the agent.

The notes will price on Aug. 26 and settle on Aug. 29.

The Cusip number is 48127DXE3.

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