Published on 4/21/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $3.3 million 9.3% autocallable reverse exchangeable notes tied to stocks
By Toni Weeks
San Luis Obispo, Calif., April 21 – JPMorgan Chase & Co. priced $3.3 million of 9.3% autocallable reverse exchangeable notes due Oct. 20, 2016 linked to the least performing of the common stocks of Home Depot, Inc., Costco Wholesale Corp., Target Corp. and Amazon.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if each stock closes at or above the initial share price on any quarterly review date other than the final review date.
The payout at maturity will be par unless any stock finishes below the trigger price, 70% of the initial price, in which case the payout will be a number of shares of the worst-performing stock equal to $1,000 divided by the initial share price or, at the issuer’s election, the cash value of those shares.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable reverse exchangeable notes
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| Underlying stocks: | Home Depot, Inc. (Symbol: HD), Costco Wholesale Corp. (Symbol: COST), Target Corp. (Symbol: TGT) and Amazon.com, Inc. (Symbol: AMZN)
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| Amount: | $3.3 million
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| Maturity: | Oct. 20, 2016
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| Coupon: | 9.3%, payable monthly
|
| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its trigger level, in which case a number of shares of worst-performing stock equal to $1,000 divided by initial share price
|
| Call: | At par if each stock closes at or above initial share price on any quarterly review date other than final review date
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| Initial levels: | $112.10 for Home Depot, $144.57 for Costco, $80.02 for Target, $375.56 for Amazon.com
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| Trigger levels: | $78.47 for Home Depot, $101.199 for Costco, $56.014 for Target and $262.892 for Amazon.com; 70% of initial levels
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| Pricing date: | April 17
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| Settlement date: | April 22
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.75%
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| Cusip: | 46625HKH2
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