Published on 2/11/2014 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $8.42 million 9.9% autocallables tied to Hewlett-Packard
By Angela McDaniels
Tacoma, Wash., Feb. 11 - JPMorgan Chase & Co. priced $8.42 million of 9.9% fixed-coupon autocallable securities due Feb. 12, 2015 linked to the common stock of Hewlett-Packard Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be called at par of $10 if Hewlett-Packard stock closes at or above the initial share price on May 7, 2014, Aug. 7, 2014 or Nov. 7, 2014.
If the final share price is at least 80% of the initial share price, the payout at maturity will be par. Otherwise, the payout will be the cash value (the final share price multiplied by the quotient obtained by dividing $10 by the initial stock price) or, at the issuer's option, a number of Hewlett-Packard shares equal to $10 divided by the initial share price.
J.P. Morgan Securities LLC is the agent. Distribution is through Morgan Stanley Smith Barney LLC.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Fixed-coupon autocallable securities
|
| Underlying stock: | Hewlett-Packard Co. (Symbol: HPQ)
|
| Amount: | $8,422,040
|
| Maturity: | Feb. 12, 2015
|
| Coupon: | 9.9%, payable quarterly
|
| Price: | Par of $10.00
|
| Payout at maturity: | Par unless final share price is less than downside threshold, in which case (a) cash amount equal to final share price multiplied by quotient obtained by dividing $10 by initial stock price or (b), at issuer's option, 0.344 Hewlett-Packard shares
|
| Call: | Automatically at par if Hewlett-Packard stock closes at or above initial share price on May 7, 2014, Aug. 7, 2014 or Nov. 7, 2014
|
| Initial share price: | $29.07
|
| Downside threshold: | $23.256, 80% of initial price
|
| Pricing date: | Feb. 7
|
| Settlement date: | Feb. 12
|
| Agent: | J.P. Morgan Securities LLC
|
| Distribution: | Morgan Stanley Smith Barney LLC
|
| Fees: | 1.5%
|
| Cusip: | 48127E601
|
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