Published on 5/27/2016 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.13 million 11.25% callable reverse exchangeables linked to Skechers
By Angela McDaniels
Tacoma, Wash., May 27 – JPMorgan Chase & Co. priced $1.13 million of 11.25% callable reverse exchangeable notes due Aug. 30, 2017 linked to the class A common stock of Skechers U.S.A., Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes are callable at par on Dec. 2, 2016, March 6, 2017 or June 2, 2017.
If the notes are not called, the payout at maturity will be par unless the final share price is less than the initial share price and the stock closes below the trigger price, 60% of the initial share price, on any day during the life of the notes, in which case the payout will be a number of Skechers shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Callable reverse exchangeable notes
|
| Underlying stock: | Skechers U.S.A. Inc. (Symbol: SKX)
|
| Amount: | $1,134,000
|
| Maturity: | Aug. 30, 2017
|
| Coupon: | 11.25%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless final share price is less than initial share price and stock closes below trigger price on any day during life of notes, in which case 33.6474 Skechers shares or, at issuer’s option, amount in cash equal to value of those shares
|
| Call option: | At par on Dec. 2, 2016, March 6, 2017 or June 2, 2017
|
| Initial share price: | $29.72
|
| Trigger price: | $17.832, 60% of initial share price
|
| Pricing date: | May 25
|
| Settlement date: | May 31
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.65%
|
| Cusip: | 46625HRM4
|
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