Published on 7/24/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $10.8 million autocallable reverse exchangeables linked to Celgene, Gilead
By Angela McDaniels
Tacoma, Wash., July 24 – JPMorgan Chase & Co. priced $10.8 million of 9.75% autocallable reverse exchangeable notes due Jan. 26, 2017 linked to the lesser performing of the common stocks of Celgene Corp. and Gilead Sciences, 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 Oct. 22, 2015, Jan. 22, 2016, April 22, 2016, July 22, 2016 or Oct. 24, 2016.
If the notes are not called, the payout at maturity will be par unless the final share price of either stock is less than its trigger value, 70% of its initial share price, in which case the payout will be a number of shares of the lesser-performing stock equal to $1,000 divided by its initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
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: | Celgene Corp. (Symbol: CELG) and Gilead Sciences, Inc. (Symbol: GILD)
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| Amount: | $10.8 million
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| Maturity: | Jan. 26, 2017
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| Coupon: | 9.75%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless final share price of either stock is less than trigger value, in which case number of shares of lesser-performing stock equal to $1,000 divided by initial share price or, at issuer’s option, amount in cash equal to value of those shares
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| Call: | At par if each stock closes at or above initial share price on Oct. 22, 2015, Jan. 22, 2016, April 22, 2016, July 22, 2016 or Oct. 24, 2016
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| Initial share prices: | $138.26 for Celgene and $117.44 for Gilead
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| Trigger values: | $96.782 for Celgene and $82.208 for Gilead; 70% of initial share prices
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| Pricing date: | July 22
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| Settlement date: | July 27
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.72%
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| Cusip: | 46625HMM9
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