Published on 12/11/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $600,000 contingent interest autocallables linked to BP, Chevron, Exxon
By Angela McDaniels
Tacoma, Wash., Dec. 11 – JPMorgan Chase & Co. priced $600,000 of autocallable contingent interest notes due Nov. 29, 2017 linked to the least performing of the American Depositary Shares of BP plc, the common stock of Chevron Corp. and the common stock of Exxon Mobil Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 9.5% if each stock closes at or above its barrier price, 50% of its initial share price, on the review date for that quarter.
The notes will be automatically called at par plus the contingent coupon if each stock closes at or above its initial share price on any quarterly review date other than the final review date.
If the notes have not been called, the payout at maturity will be par unless any stock finishes below its barrier price, in which case investors will receive a number of share of the least-performing stock equal to $1,000 divided by that stock’s initial share price or, at the issuer’s option, an equivalent amount in cash.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Autocallable contingent interest notes
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| Stocks: | BP plc (Symbol: BP), Chevron Corp. (Symbol: CVX) and Exxon Mobil Corp. (Symbol: XOM)
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| Amount: | $600,000
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| Maturity: | Nov. 29, 2017
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| Coupon: | Notes pay quarterly contingent coupon at annual rate of 9.5% if each stock closes at or above barrier price on review date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below barrier level, in which case number of shares of least-performing stock equal to $1,000 divided by that stock’s initial share price or, at issuer’s option, equivalent amount in cash
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| Call: | Automatically at par plus contingent coupon if each stock closes at or above initial share price on any quarterly review date other than final one
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| Initial share prices: | $34.99 for BP, $91.35 for Chevron and $81.88 for Exxon Mobil
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| Barrier levels: | $17.495 for BP, $45.675 for Chevron and $40.94 for Exxon Mobil 50% of initial share prices
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| Pricing date: | Nov. 24
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| Settlement date: | Nov. 30
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2%
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| Cusip: | 48127YAE2
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