By Marisa Wong
Madison, Wis., Feb. 19 - JPMorgan Chase & Co. priced $3.63 million of contingent coupon callable yield notes due Feb. 22, 2016 linked to General Motors Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above its barrier level, 70% of its initial level, on a quarterly observation date, the notes will pay a coupon at an annualized rate of 10.3% for that quarter.
The payout at maturity will be par unless General Motors stock finishes below its barrier level, in which case investors will be fully exposed to the decline in the stock price from the initial price.
The notes are callable at par on any interest payment date other than the final payment date.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying stock: | General Motors Co. (Symbol: GM)
|
| Amount: | $3,631,000
|
| Maturity: | Feb. 22, 2016
|
| Coupon: | 10.3% per year, payable each quarter if General Motors stock closes at or above barrier price on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If final share price is greater than or equal to barrier price, par; otherwise, 1% loss for every 1% that final share price is less than initial share price
|
| Call option: | At par on any interest payment date other than final interest payment date
|
| Initial price: | $35.95
|
| Barrier price: | $25.165, 70% of initial price
|
| Pricing date: | Feb. 14
|
| Settlement date: | Feb. 20
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.5%
|
| Cusip: | 48126N4B0
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
