By Susanna Moon
Chicago, Jan. 28 - JPMorgan Chase & Co. priced $3.72 million of contingent income autocallable securities due Jan. 29, 2015 linked to the Market Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at a rate of 2.65% if shares of the fund close at or above the 70% downside threshold level on the determination date for that quarter.
If the shares close at or above the initial level on any quarterly determination date other than the final date, the notes will be called at par plus the contingent coupon.
If the fund finishes at or above the 70% trigger level, the payout at maturity will be par plus the contingent payment.
Otherwise, investors will be fully exposed to any losses.
J.P. Morgan Securities LLC is the agent. Morgan Stanley Smith Barney LLC will handle distribution.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Contingent income autocallable securities
|
| Underlying fund: | Market Vectors Gold Miners ETF
|
| Amount: | $3,715,000
|
| Maturity: | Jan. 29, 2015
|
| Coupon: | 2.65% per quarter if closing price is at least 70% of initial price on quarterly determination date; otherwise, none
|
| Price: | Par
|
| Payout at maturity: | If final share price is at least 70% of initial price, par plus contingent quarterly payment; otherwise, full exposure to losses
|
| Initial price: | $23.65
|
| Trigger level: | $16.555, 70% of initial share price
|
| Call: | Par plus contingent payment if closing share price greater than or equal to initial share price on any of first three quarterly determination dates
|
| Pricing date: | Jan. 24
|
| Settlement date: | Jan. 29
|
| Agent: | J.P. Morgan Stanley Securities LLC with Morgan Stanley Smith Barney LLC as dealer
|
| Fees: | 1.5%
|
| Cusip: | 48127A187
|
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