JPMorgan plans autocallable contingent interest notes on Gilead

By Marisa Wong

Madison, Wis., Aug. 12 – JPMorgan Chase & Co. plans to price autocallable contingent interest notes due Sept. 2, 2015 linked to the common stock of Gilead Sciences, Inc., according to an FWP filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at an annual rate of 17% if Gilead Sciences shares close at or above the trigger price, 80% of the initial share price, on the review date for that quarter.

The notes will be automatically called at par plus the contingent coupon if Gilead Sciences shares close at or above the initial share price on Nov. 26, Feb. 26, 2015 or May 28, 2015.

If the notes have not been called, the payout at maturity will be par plus the final coupon unless the final share price is less than the trigger price, in which case investors will lose 1% for every 1% that the final share price is less than the initial share price.

The final share price will be the average of the stock’s closing share prices on the five trading days ending Aug. 28, 2015.

J.P. Morgan Securities LLC is the agent.

The notes will price on Aug. 15 and settle on Aug. 20.

The Cusip number is 48127DWZ7.

© 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.