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JPMorgan plans contingent income autocallables tied to Las Vegas Sands
By Angela McDaniels
Tacoma, Wash., April 29 – JPMorgan Chase & Co. plans to price contingent income autocallable securities with step-up redemption threshold level feature due May 3, 2018 linked to the common stock of Las Vegas Sands Corp., according to an FWP filing with the Securities and Exchange Commission.
If Las Vegas Sands shares close at or above the downside threshold level, 70% of the initial share price, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of at least 11.35%. The exact rate will be set at pricing.
The notes will be called at par of $10 plus the contingent coupon if Las Vegas Sands shares close at or above the redemption threshold level on any quarterly determination date other than the final determination date. The redemption threshold level will be 105% of the initial share price on the first through fourth determination dates, 110% of the initial share price on the fifth through eighth determination dates and 115% of the initial share price on the ninth through 11th determination dates.
If the final share price is greater than or equal to the downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price or, at the issuer’s option, receive a number of Las Vegas Sands shares equal to $10 divided by the initial share price.
J.P. Morgan Securities LLC is the agent. Morgan Stanley Smith Barney LLC is handling distribution.
The notes are expected to price April 30.
The Cusip number is 48127T194.
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