Published on 4/18/2011 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $440,000 17.25% upside autocallables on LDK Solar
By Jennifer Chiou
New York, April 18 - JPMorgan Chase & Co. priced $440,000 of upside autocallable single observation reverse exchangeable notes due April 18, 2012 linked to LDK Solar Co., Ltd. American Depositary Shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if LDK Solar ADSs close above the initial price on July 14, Oct. 14, 2011, Jan. 13, 2012 or April 16, 2012.
The payout at maturity will be par unless the final ADS price is less than 60% of the initial price, in which case the payout will be a number of LDK Solar ADSs equal to $1,000 divided by the initial price or, at JPMorgan's option, a cash amount equal to the value of those ADSs.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Upside autocallable single observation reverse exchangeable notes
|
| Underlying ADS: | LDK Solar Co., Ltd. (Symbol: LDK)
|
| Amount: | $440,000
|
| Maturity: | April 18, 2012
|
| Coupon: | 17.25%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless the final ADS price is less than 60% of the initial price, in which case the payout will be a number of LDK Solar ADSs equal to $1,000 divided by the initial price or, at JPMorgan's option, an equal cash amount
|
| Call: | At par if LDK Solar ADSs close above initial price on July 14, Oct. 14, 2011, Jan. 13, 2012 or April 16, 2012
|
| Initial price: | $11.47
|
| Protection amount: | $4.588, 40% of initial price
|
| Pricing date: | April 14
|
| Settlement date: | April 19
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 3.8%, including 2.65% for selling concessions
|
| Cusip: | 48125XLM6
|
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