By Susanna Moon
Chicago, Aug. 18 – JPMorgan Chase & Co. priced $1.02 million of autocallable contingent interest notes due Nov. 17, 2016 linked to Apple Inc. shares, 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 Apple stock closes at or above the 75% barrier level on a quarterly review date for that quarter.
The notes will be called at par plus the contingent coupon if the shares close at or above the initial price on any review date other than the first and final dates.
The payout at maturity will be par plus the contingent coupon unless Apple shares finish below the trigger level, in which case investors will be exposed to any losses.
J.P. Morgan Securities LLC is the underwriter.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Autocallable contingent interest notes
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| Underlying stock: | Apple Inc. (Nasdaq: AAPL)
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| Amount: | $1,016,000
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| Maturity: | Nov. 17, 2016
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| Coupon: | 8.5%, payable quarterly if stock closes at or above trigger price on review date for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par plus contingent coupon if Apple shares finish at or above trigger price; otherwise, par plus stock return
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| Call: | At par plus contingent coupon if Apple shares close at or above initial price on any review date other than the first and final dates
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| Initial share price: | $115.96
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| Trigger price: | $86.97, 75% of initial price
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| Pricing date: | Aug. 14
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| Settlement date: | Aug. 19
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| Underwriters: | J.P. Morgan Securities LLC
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| Fees: | 1.65%
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| Cusip: | 46625HMS6
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