Published on 4/28/2016 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $658,000 callable contingent interest notes linked to Dow, Russell
By Wendy Van Sickle
Columbus, Ohio, April 28 – JPMorgan Chase & Co. priced $658,000 of callable contingent interest notes due May 3, 2021 linked to the lesser performing of the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7% if each index closes at or above its barrier level, 65% of its initial level, on the review date for that quarter.
The notes are callable at par plus the contingent coupon on any interest payment dates other than the first and final dates.
The payout at maturity will be par unless either index finishes below its barrier level, in which case investors will be fully exposed to the loss of the worse performing index.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Callable contingent interest notes
|
| Underlying indexes: | Russell 2000 and Dow Jones industrial average
|
| Amount: | $658,000
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| Maturity: | May 3, 2021
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| Coupon: | Notes pay quarterly contingent coupon at annual rate of 7% if each index closes at or above coupon barrier level on review date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below barrier, in which case full exposure to decline of lesser-performing index
|
| Call: | At par plus contingent coupon if each index closes at or above initial level on any quarterly review date other than first and final dates
|
| Initial levels: | 1,150.728 for Russell, 17,990.32 for Dow
|
| Barrier levels: | 747.9732 for Russell, 11,693.708 for Dow; 65% of initial levels
|
| Pricing date: | April 26
|
| Settlement date: | April 29
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 2.75%
|
| Cusip: | 48128GVW7
|
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