Published on 9/24/2014 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $5 million auto callable contingent interest notes linked to FireEye
New York, Sept. 24 – JPMorgan Chase & Co. priced $5 million of auto callable contingent interest notes due Oct. 15, 2015 linked to the common stock of FireEye, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If FireEye stock closes at or above the trigger price – 61.85% of the initial share price – on a quarterly review date, the issuer will pay a contingent coupon for that quarter at the rate of 17%. Otherwise, no coupon will be paid that quarter.
If the shares close at or above the initial price on a quarterly review date, the notes will be called at par plus the contingent coupon.
If the notes are not called and FireEye shares finish at or above the trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be exposed to the share price decline from the initial price. The final stock price will be the average of the closing share prices on the five trading days ending on the final review date.
J.P. Morgan Securities LLC is the underwriter.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Auto callable contingent interest notes
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| Underlying stock: | FireEye, Inc. (Nasdaq: “FEYE”)
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| Amount: | $5 million
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| Maturity: | Oct. 15, 2015
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| Coupon: | 17%, payable quarterly if stock closes at or above trigger price on review date for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par plus contingent coupon if FireEye shares finish at or above trigger price; otherwise, par plus stock return
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| Call: | Automatically at par plus contingent coupon if FireEye shares close at or above initial price on a quarterly review date
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| Review dates: | Jan. 8, 2015, April 9, 2015, July 9, 2015 and Oct. 9, 2015
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| Initial share price: | $33.11
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| Trigger price: | $20.47854, 61.85% of initial price
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| Pricing date: | Sept. 22
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| Settlement date: | Sept. 25
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| Underwriters: | J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 48127DC89
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