By Toni Weeks
San Luis Obispo, Calif., Oct. 29 - JPMorgan Chase & Co. priced $2 million of contingent coupon callable yield notes due Oct. 30, 2015 linked to Hertz Global Holdings, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 12% if Hertz shares close at or above the 60% barrier level on the valuation date for that quarter.
The notes are callable at par plus the contingent coupon on any interest payment date.
If the notes are not called and Hertz stock finishes at or above the barrier price, the payout at maturity will be par.
Otherwise, investors will lose 1% for every 1% decline in the share price from the initial price.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying stock: | Hertz Global Holdings, Inc. (Symbol: HTZ)
|
| Amount: | $2 million
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| Maturity: | Oct. 30, 2015
|
| Coupon: | 12% per year, payable quarterly if Hertz shares close at or above barrier price on valuation date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par if stock finishes at or above barrier price; otherwise, full exposure to losses
|
| Call option: | At par plus contingent coupon on any interest payment date
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| Initial share price: | $23.84
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| Barrier price: | $14.394, 60% of initial share price
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| Pricing date: | Oct. 25
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| Settlement date: | Oct. 30
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| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 0.5%
|
| Cusip: | 48126NYZ4
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