Published on 8/20/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $1.5 milliion autocallable reverse exchangeables on four food stocks
By Marisa Wong
Morgantown, W.Va., Aug. 20 – JPMorgan Chase & Co. priced $1.5 million of 8% autocallable reverse exchangeable notes due Feb. 17, 2017 linked to the least performing of the common stocks of ConAgra Foods, Inc., General Mills, Inc., Kellogg Co. and Mondelez International, Inc., 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 its initial share price on any quarterly review date other than the final review date.
If the notes are not called, the payout at maturity will be par unless the final share price of any stock is less than the trigger price, 75% of the initial share price, in which case the payout will be a number of shares of the least performing stock equal to $1,000 divided by the initial share price of that stock.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable reverse exchangeable notes
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| Underlying stocks: | ConAgra Foods, Inc. (Symbol: CAG), General Mills, Inc. (Symbol: GIS), Kellogg Co. (Symbol: K) and Mondelez International, Inc. (Symbol: MDLZ)
|
| Amount: | $1.5 million
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| Maturity: | Feb. 17, 2017
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| Coupon: | 8%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless final share price of any stock is less than trigger price, in which case number of shares of the least performing stock equal to $1,000 divided by the initial share price of that stock
|
| Call: | At par if stock closes at or above initial share price on any quarterly review date other than the final review date
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| Initial share prices: | $45.25 for ConAgra, $59.26 for General Mills, $69.77 for Kellogg, $46.485 for Mondelez
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| Trigger value: | 75% of initial share price
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| Pricing date: | Aug. 14
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| Settlement date: | Aug. 19
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.75%
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| Cusip: | 46625HMV9
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