JPMorgan plans upside autocallable reverse exchangeables on Devon Energy

By Jennifer Chiou

New York, Jan. 7 – JPMorgan Chase & Co. plans to price upside autocallable reverse exchangeable notes due April 26, 2016 linked to Devon Energy Corp. shares, according to an FWP with the Securities and Exchange Commission.

The coupon will be 8.25% to 10.25%, payable monthly. The exact rate will be set at pricing.

The notes will be called at par if Devon Energy stock closes at or above the initial share price on July 21, 2015, Oct. 21, 2015 or Jan. 21, 2016.

If the notes are not called, the payout at maturity will be par unless Devon Energy stock closes below the buffer level, 65% of the initial level, during the life of the notes and finishes below the initial price, in which case the payout will be a number of Devon Energy shares equal to $1,000 divided by the initial share price.

The notes (Cusip: 48127D5P9) will price on Jan. 21 and settle on Jan. 26.

J.P. Morgan Securities LLC is the agent.

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