Published on 3/24/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $5.1 million 8% autocallable reverse exchangeables on three stocks
By Marisa Wong
Madison, Wis., March 24 – JPMorgan Chase & Co. priced $5.1 million of 8% autocallable reverse exchangeable notes due Sept. 23, 2016 linked to the worst performing of the common stocks or capital stock of General Electric Co., International Business Machines Corp., Procter & Gamble Co. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if each stock closes at or above the initial share price on any quarterly review date other than the final review date.
The payout at maturity will be par unless any stock finishes below its trigger level, 70% of the initial level, in which case the payout will be a number of shares of the worst performing stock equal to $1,000 divided by the initial share price.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Autocallable reverse exchangeable notes
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| Underlying stocks: | General Electric Co. (Symbol: GE), International Business Machines Corp. (Symbol: IBM), Procter & Gamble Co. (Symbol: PG) and Microsoft Corp. (Symbol: MSFT)
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| Amount: | $5.1 million
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| Maturity: | Sept. 23, 2016
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| Coupon: | 8%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its trigger level, in which case a number of shares of worst performing stock equal to $1,000 divided by initial share price
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| Call: | Automatically at par if each stock closes at or above initial share price on any quarterly review date other than final review date
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| Initial share prices: | $25.40 for GE, $162.88 for IBM, $84.74 for P&G, $42.88 for Microsoft
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| Trigger prices: | $17.78 for GE, $114.016 for IBM, $59.318 for P&G, $30.016 for Microsoft; 70% of initial share price
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| Pricing date: | March 20
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| Settlement date: | March 25
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.81%
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| Cusip: | 48125UHU9
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