Published on 5/21/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $3 million trigger phoenix autocallables on Euro Stoxx, Russell
By Toni Weeks
San Luis Obispo, Calif., May 21 – JPMorgan Chase & Co. priced $3 million of trigger phoenix autocallable optimization securities due May 22, 2020 linked to the lesser performing of the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6% if each index closes at or above its coupon barrier, 54.4% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date beginning after one year.
If the notes are not called and each index finishes at or above its 54.4% trigger level, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be fully exposed to any losses of the worst-performing index.
UBS Financial Services Inc. and J.P. Morgan Securities LLC are the agents.
Issuer: | JPMorgan Chase & Co.
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Issue: | Trigger phoenix autocallable optimization securities
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Underlying indexes: | Euro Stoxx 50 and Russell 2000
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Amount: | $3 million
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Maturity: | May 22, 2020
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Coupon: | 6%, payable quarterly if each index closes at or above coupon barrier on observation date for that quarter
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Price: | Par of $10.00
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Payout at maturity: | Par plus contingent coupon if each index closes at or above trigger level; otherwise, par plus return of least-performing index
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Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on quarterly observation date beginning May 18, 2016
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Initial levels: | 3,573.07 for Euro Stoxx, 1,243.948 for Russell, (closing index levels on May 15)
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Coupon barriers/triggers: | 1,943.75 for Euro Stoxx, 676.708 for Russell, 54.4% of initial levels
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Pricing date: | May 18
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Settlement date: | May 21
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Agents: | UBS Financial Services Inc. and J.P. Morgan Securities LLC
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Fees: | 2.5%
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Cusip: | 48127X765
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