Published on 6/26/2014 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $12.42 million contingent coupon callable yield notes linked to indexes
By Susanna Moon
Chicago, June 26 – JPMorgan Chase & Co. priced $12.42 million of contingent coupon callable yield notes due Nov. 30, 2015 linked to the S&P 500 index, the Russell 2000 index and the iShares MSCI EAFE exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at annual rate of 7% if each component closes at or above its barrier level, 60% of its initial level, on the observation date for that quarter.
The payout at maturity will be par unless any component finishes below its barrier level, in which case investors will be fully exposed to any losses of the worst performing component.
The notes are callable at par on any interest payment other than the final one.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Contingent coupon callable yield notes
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| Underlying indexes: | S&P 500 index, Russell 2000 index and iShares MSCI EAFE ETF
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| Amount: | $12,415,000
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| Maturity: | July 2, 2018
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| Coupon: | 7% per year, payable quarterly if each index closes at or above its coupon barrier level on quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below barrier level, in which case full exposure to any losses of worst performing component
|
| Call option: | At par on any contingent coupon payment date other than final one
|
| Barrier levels: | 1,169.988 for S&P, 703.9458 for Russell, $41.952 for MSCI EAFE; 60% of initial levels
|
| Pricing date: | June 24
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| Settlement date: | June 27
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.5%
|
| Cusip: | 48127DNH7
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