By Marisa Wong
Morgantown, W.Va., Aug. 19 – JPMorgan Chase & Co. priced $4.4 million of trigger phoenix autocallable optimization securities due Aug. 20, 2018 linked to the common stock of Gilead Sciences, Inc., according to an FWP filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8% if Gilead stock closes at or above the trigger price, 61% of the initial price, on the observation date for that quarter.
If the shares close at or above the initial price on any quarterly observation date beginning Feb. 16, 2016, the notes will be called at par of $10 plus the contingent coupon.
The payout at maturity will be par plus the contingent coupon unless Gilead shares finish below the trigger price, in which case investors will be fully exposed to the share price decline.
UBS Financial Services Inc. and J.P. Morgan Securities LLC are the agents.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Trigger phoenix autocallable optimization securities
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| Underlying stock: | Gilead Sciences, Inc. (Symbol: GILD)
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| Amount: | $4,403,890
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| Maturity: | Aug. 20, 2018
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| Coupon: | Contingent quarterly coupon at an annual rate of 8% if Gilead stock closes at or above the trigger price on the observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus the contingent coupon unless Gilead shares finish below the trigger price, in which case investors will be fully exposed to the share price decline
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| Call: | At par plus the contingent coupon if the shares close at or above the initial price on any quarterly observation date beginning Feb. 16, 2016
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| Initial share price: | $115.60
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| Barrier/trigger price: | $70.52, 61% of initial price
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| Pricing date: | Aug. 14
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| Settlement date: | Aug. 19
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| Agents: | UBS Financial Services Inc. and J.P. Morgan Securities LLC
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| Fees: | 2%
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| Cusip: | 48127V553
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