Published on 1/22/2014 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $2.38 million contingent coupon callable yield notes on indexes, fund
By Marisa Wong
Madison, Wis., Jan. 22 - JPMorgan Chase & Co. priced $2.38 million of contingent coupon callable yield notes due Jan. 23, 2017 linked to the Euro Stoxx 50 index, the Vanguard FTSE Emerging Markets exchange-traded fund and the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.5% if each component closes at or above its 65% coupon barrier level on a quarterly observation date.
The payout at maturity will be par unless any component finishes below its knock-in level, 65% of its initial level, in which case investors will receive par plus the return of the lowest performing component.
The notes will be callable at par on any interest payment date other than the final date.
J.P. Morgan Securities LLC is the underwriter.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying components: | Euro Stoxx 50 index, Vanguard FTSE Emerging Markets ETF and iShares MSCI Emerging Markets ETF
|
| Amount: | $2.38 million
|
| Maturity: | Jan. 23, 2017
|
| Coupon: | 8.5% per year, payable quarterly if each underlying component closes at or above barrier level on quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any component finishes below knock-in level, in which case full exposure to decline of worst-performing component
|
| Call option: | At par plus contingent coupon, if any, on any interest payment date other than final date
|
| Initial levels: | 3,154.10 for Euro Stoxx, $39.44 for Vanguard, $39.79 for iShares EM
|
| Barrier/knock-in levels: | 2,050.165 for Euro Stoxx, $25.636 for Vanguard, $25.8635 for iShares EM;
|
| 65% of initial levels
|
| Pricing date: | Jan. 17
|
| Settlement date: | Jan. 23
|
| Underwriter: | J.P. Morgan Securities LLC
|
| Fees: | 1.75%
|
| Cusip: | 48126NX77
|
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