By Angela McDaniels
Tacoma, Wash., Feb. 3 – JPMorgan Chase & Co. priced $3.2 million of contingent coupon callable yield notes due Feb. 2, 2017 linked to the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 15% per year if the ETF closes at or above its barrier level, 66.5% of its initial share price, on the observation date for that quarter.
The payout at maturity will be par unless the ETF finishes below its barrier level, in which case investors will be fully exposed to the ETF’s decline.
The notes are callable at par on any interest payment date other than the final one.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying ETFs: SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $3.2 million
|
| Maturity: | Feb. 2, 2017
|
| Coupon: | 15% per year, payable quarterly if ETF closes at or above barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless ETF finishes below barrier level, in which case full exposure to ETF’s decline
|
| Initial share price: | $46.18
|
| Barrier level: | $30.7097, 66.5% of initial level
|
| Pricing date: | Jan. 30
|
| Settlement date: | Feb. 4
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.75%
|
| Cusip: | 48127D7E2
|
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