By Marisa Wong
Madison, Wis., July 21 – JPMorgan Chase & Co. priced $6.02 million of contingent income autocallable securities due July 25, 2016 linked to the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.6% if the fund closes at or above its downside threshold level, 75% of its initial level, on the observation date for that quarter.
The notes will be called at par if the fund closes at or above its initial level on any determination date other than the final determination date.
The payout at maturity will be par unless the fund finishes below its 75% downside threshold level, in which case investors will be fully exposed to any losses.
J.P. Morgan Securities LLC is the agent with Morgan Stanley Wealth Management handling distribution.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Contingent income autocallable securities
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| Underlying fund: | SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $6,022,500
|
| Maturity: | July 25, 2016
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| Coupon: | 10.6% per year, payable quarterly if fund closes at or above downside threshold level on observation date for that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | Par unless fund finishes below downside threshold level, in which case full exposure to any losses
|
| Call: | At par if fund closes at or above initial level on any quarterly determination date other than final date
|
| Initial price: | $41.78
|
| Downside threshold: | $31.335, or 75% of initial price
|
| Pricing date: | July 17
|
| Settlement date: | July 22
|
| Agent: | J.P. Morgan Securities LLC
|
| Distribution: | Morgan Stanley Wealth Management
|
| Fees: | 1.75%
|
| Cusip: | 48127V801
|
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