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JPMorgan plans autocallable reverse exchangeables linked to Tenet
By Angela McDaniels
Tacoma, Wash., Oct. 14 – JPMorgan Chase & Co. plans to price autocallable reverse exchangeable notes due Jan. 26, 2017 linked to the common stock of Tenet Healthcare Corp., according to an FWP filing with the Securities and Exchange Commission.
The coupon is expected to be 10.25% to 12.25% per year and will be set at pricing. Interest will be payable monthly.
The notes will be called at par if Tenet stock closes at or above the initial share price on April 25, 2016, July 25, 2016 or Oct. 24, 2016.
If the notes are not called, the payout at maturity will be par unless Tenet stock closes below the trigger level, 60% of the initial share price, during the life of the notes and finishes below the initial price, in which case the payout will be a number of Tenet shares equal to $1,000 divided by the initial share price.
J.P. Morgan Securities LLC is the agent.
The notes will price Oct. 23 and settle Oct. 28.
The Cusip number is 46625HNU0.
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