Published on 10/20/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $525,000 contingent interest autocallables on aerospace stocks
By Marisa Wong
Morgantown, W.Va., Oct. 20 – JPMorgan Chase & Co. priced $525,000 of autocallable contingent interest notes due April 19, 2018 linked to the worst performing of the common stocks of General Dynamics Corp., Northrop Grumman Corp. and Boeing Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 12.65% if each stock closes at or above its barrier level, 65% of its initial level, on the review date for that month.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any review date other than the final date.
The payout at maturity will be par unless any stock finishes below its 65% trigger level, in which case investors will receive a number of shares of the worst performing stock equal to $1,000 divided by that stock’s initial price or, at the issuer’s option, the cash value of those shares.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying stocks: | General Dynamics Corp. (Symbol: GD), Northrop Grumman Corp. (Symbol: NOC) and Boeing Co. (Symbol: BA)
|
| Amount: | $525,000
|
| Maturity: | April 19, 2018
|
| Coupon: | 12.65% annualized, payable monthly if each underlying component closes at or above coupon barrier level on review date for that month
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon unless any stock finishes below trigger level, in which case number of shares of the worst performing stock equal to $1,000 divided by that stock’s initial price or, at the issuer’s option, the cash value of those shares
|
| Call: | At par plus contingent coupon if each component closes at or above initial level on any review date other than final date
|
| Initial levels: | $141.70 for General Dynamics, $174.88 for Northrop Grumman, $137.60 for Boeing
|
| Barrier levels: | 65% of initial levels
|
| Pricing date: | Oct. 16
|
| Settlement date: | Oct. 21
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 2.5%
|
| Cusip: | 48127YAA0
|
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