Published on 4/14/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $3.68 million autocallable contingent interest notes linked to Gilead Sciences
New York, April 14 – JPMorgan Chase & Co. priced $3,678,000 of autocallable contingent interest notes due April 27, 2016 linked to the common stock of Gilead Sciences, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If Gilead Sciences stock closes at or above the trigger price – 75% of the initial share price – on a quarterly review date, the issuer will pay a contingent coupon for that quarter at the rate of 11.25%. Otherwise, no coupon will be paid that quarter.
If the shares close at or above the initial price on a quarterly review date, the notes will be called at par plus the contingent coupon.
If the notes are not called and Gilead Sciences shares finish at or above the trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be exposed to the share price decline from the initial price. The final stock price will be the average of the closing share prices on the five trading days ending on the final review date.
J.P. Morgan Securities LLC is the underwriter.
Issuer: | JPMorgan Chase & Co.
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Issue: | Autocallable contingent interest notes
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Underlying stock: | Gilead Sciences, Inc. (Nasdaq: GILD)
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Amount: | $3,678,000
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Maturity: | April 27, 2016
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Coupon: | 11.25%, payable quarterly if stock closes at or above trigger price on review date for that quarter
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Price: | Par of $1,000
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Payout at maturity: | Par plus contingent coupon if Gilead Sciences shares finish at or above trigger price; otherwise, par plus stock return
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Call: | Automatically at par plus contingent coupon if Gilead Sciences shares close at or above initial price on a quarterly review date
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Review dates: | July 23, 2015, Oct. 22, 2015, Jan. 21, 2016 and April 22, 2016
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Initial share price: | $101.77.
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Trigger price: | $76.3275, 75% of initial price
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Pricing date: | April 10
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Settlement date: | April 15
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Underwriters: | J.P. Morgan Securities LLC
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Fees: | 1%
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Cusip: | 48125UNB4
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