JPMorgan plans 8% single observation reverse exchangeables on Gilead

By Marisa Wong

Madison, Wis., Dec. 18 – JPMorgan Chase & Co. plans to price 8% upside autocallable single observation reverse exchangeable notes due June 28, 2016 linked to Gilead Sciences, Inc. shares, according to an FWP filing with the Securities and Exchange Commission.

Interest is payable quarterly. The exact rate will be set at pricing.

If the closing share price is equal to or greater than the initial price on any quarterly call date, the notes will be called at par plus accrued interest.

If the notes are not called, the payout at maturity will be par unless Gilead stock falls by more than 25%, in which case the payout will be a number of shares of Gilead stock equal to $1,000 divided by the initial share price or, at the issuer’s option, a cash amount equal to the value of those shares.

J.P. Morgan Securities LLC is the agent.

The notes will price on Dec. 23 and settle on Dec. 29.

The Cusip number is 48127D3Y2.

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