Published on 5/30/2012 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.5 million 9% autocallable yield notes on S&P 500, Russell 2000
By Susanna Moon
Chicago, May 30 - JPMorgan Chase & Co. priced $1.5 million of 9% autocallable yield notes due May 31, 2013 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if both indexes close at or above their initial levels on any quarterly call date.
A trigger event occurs if either index falls by more than 40% during the life of the notes.
The payout at maturity will be par unless either index finishes below its initial level and a trigger event has occurred, in which case investors will lose 1% for every 1% that the worst-performing index declines below its initial level.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Autocallable yield notes
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Underlying indexes: | S&P 500 and Russell 2000
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Amount: | $1,498,000
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Maturity: | May 31, 2013
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Coupon: | 9%, payable monthly
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Price: | Par
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Payout at maturity: | If either index finishes below its initial level and either index ever dips below 60% trigger level, exposure to losses of worst-performing index; otherwise, par
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Call: | At par if both indexes close at or above their initial levels on Aug. 28, Nov. 27, 2012 or Feb. 25, 2013
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Initial levels: | 1,317.82 for S&P and 766.41 for Russell
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Buffer amounts: | 527.128 for S&P, 306.564 for Russell; 40% of initial levels
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Pricing date: | May 25
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Settlement date: | May 31
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Agent: | J.P. Morgan Securities LLC
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Fees: | 2.25%
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Cusip: | 48125VXC9
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