By Angela McDaniels
Tacoma, Wash., July 26 - JPMorgan Chase & Co. priced $1 million of autocallable contingent interest notes due Aug. 9, 2013 linked to the American Depositary Shares of Itau Unibanco Holding SA, according to a 424B2 filing with the Securities and Exchange Commission.
If Itau Unibanco ADSs close at or above the trigger level, 70% of the initial ADS price, on a quarterly review date, the notes will pay a 3.8875% coupon that quarter, which is equivalent to 15.55% per year. If Itau Unibanco ADSs close below the trigger level, no coupon will be paid that quarter.
If Itau Unibanco ADSs close at or above the initial ADS price on any of the review dates other than the final review date, the notes will be automatically called at par plus 3.8875%.
If the notes have not been called and the final ADS price is greater than or equal to the trigger level, the payout at maturity will be par plus 3.8875%. If the final ADS price is less than the trigger level, investors will be exposed to the decline of Itau Unibanco ADSs from the initial ADS price.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying ADSs: | Itau Unibanco Holding SA (NYSE: ITUB)
|
| Amount: | $1 million
|
| Maturity: | Aug. 9, 2013
|
| Coupon: | If Itau Unibanco ADSs close at or above trigger level on review date, 3.8875% coupon will be paid that quarter (equivalent to 15.55% per year); if Itau Unibanco ADSs close below trigger level, no coupon will be paid that quarter
|
| Price: | Par
|
| Payout at maturity: | If final ADS price is greater than or equal to trigger level, par plus 3.8875%; otherwise, full exposure to decline of Itau Unibanco ADSs from initial ADS price
|
| Call: | Automatically at par plus 3.8875% if Itau Unibanco ADSs close at or above initial share price on Nov. 8, 2012, Feb. 7, 2013 or May 9, 2013
|
| Initial ADS price: | $14.76
|
| Trigger level: | $10.332, 70% of initial ADS price
|
| Pricing date: | July 24
|
| Settlement date: | July 27
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 48125VW63
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
