By Jennifer Chiou
New York, Nov. 9 - JPMorgan Chase & Co. priced $8.49 million of 0% quarterly review notes due Nov. 17, 2011 linked to the price of copper, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called if the average settlement price of copper for the days ending on a quarterly review date is greater than or equal to 102.5% of the starting price of copper. The redemption amount will be par plus an annualized call premium of 13.95%.
The review dates are Feb. 10, 2011, May 10, 2011, Aug. 10, 2011 and Nov. 14, 2011.
The average price of copper for any review date will be the average of the prices of copper for the five trading days ending on that review date.
If the notes are not called, the payout at maturity will be par as long as the final price of copper is at least 90% of the starting copper price. Otherwise, investors will share in losses at a rate of 1.11111% per 1% drop beyond the buffer.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Quarterly review notes
|
| Underlying commodity: | Copper
|
| Amount: | $8.49 million
|
| Maturity: | Nov. 17, 2011
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par if final price of copper is at least 90% of starting price; otherwise, investors will share in losses at a rate of 1.11111% per 1% drop beyond the buffer
|
| Call: | Automatically at par plus annualized call premium of 13.95% if average price of copper meets or exceeds 102.5% of the starting price on the review dates
|
| Pricing date: | Nov. 5
|
| Settlement date: | Nov. 10
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 48124AX51
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
