Published on 8/23/2013 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $50.35 million contingent coupon callable yield notes on indexes, fund
By Angela McDaniels
Tacoma, Wash., Aug. 23 - JPMorgan Chase & Co. priced $50.35 million of contingent coupon callable yield notes due Aug. 28, 2017 linked to the S&P 500 index, the Russell 2000 index and the iShares MSCI EAFE index fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annualized rate of 8% if each underlying component closes at or above its barrier level on the observation date for that quarter. For each component, the barrier level is 60% of its initial level.
The notes are callable at par on any interest payment date other than the maturity date.
The payout at maturity will be par unless any underlying component finishes below its barrier-in level, in which case investors will lose 1% for each 1% that the worst-performing component declines below its initial level.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying components: | S&P 500 index, Russell 2000 index and iShares MSCI EAFE index fund
|
| Amount: | $50,354,000
|
| Maturity: | Aug. 28, 2017
|
| Coupon: | 8% per year payable quarterly if each component closes at or above barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any component finishes below barrier level, in which case full exposure to decline of worst-performing component
|
| Call option: | At par on any interest payment date other than maturity date
|
| Initial levels: | 1,642.80 for S&P 500, 1,021.58 for Russell 2000 and $60.45 for iShares MSCI EAFE
|
| Barrier levels: | 985.68 for S&P 500, 612.948 for Russell and $36.27 for fund; 60% of initial levels
|
| Pricing date: | Aug. 21
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| Settlement date: | Aug. 26
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.75%
|
| Cusip: | 48126NNU7
|
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