Published on 2/20/2013 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.17 million 10.5% airbag autocallables linked to Express
By Angela McDaniels
Tacoma, Wash., Feb. 20 - JPMorgan Chase & Co. priced $1.17 million of 10.5% airbag autocallable yield optimization notes due Feb. 24, 2014 linked to the common stock of Express, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par if Express shares close at or above the initial share price on May 17, 2013, Aug. 19, 2013, Nov. 19, 2013 or Feb. 18, 2014.
The payout at maturity will be par unless the final share price is less than the conversion price, in which case the payout will be a number of Express shares equal to $1,000 divided by the conversion price. The conversion price is 80% of the initial share price.
UBS Financial Services Inc. and J.P. Morgan Securities LLC are the underwriters.
Issuer: | JPMorgan Chase & Co.
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Issue: | Airbag autocallable yield optimization notes
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Underlying stock: | Express, Inc. (Symbol: EXPR)
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Amount: | $1.17 million
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Maturity: | Feb. 24, 2014
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Coupon: | 10.5%, payable monthly
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Price: | Par
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Payout at maturity: | If final share price is less than conversion price, number of Express shares equal to $1,000 divided by conversion price; otherwise, par
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Call: | Automatically at par if Express shares close at or above initial share price on May 17, 2013, Aug. 19, 2013, Nov. 19, 2013 or Feb. 18, 2014.
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Initial share price: | $18.51
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Conversion price: | $14.81, 80% of initial share price
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Pricing date: | Feb. 15
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Settlement date: | Feb. 21
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Underwriters: | UBS Financial Services Inc. and J.P. Morgan Securities LLC
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Fees: | 1.5%
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Cusip: | 48126E214
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