Published on 4/18/2012 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $2.4 million 10% upside autocallables linked to Valero
By Angela McDaniels
Tacoma, Wash., April 18 - JPMorgan Chase & Co. priced $2.4 million of 10% upside autocallable single observation reverse exchangeable notes due April 19, 2013 linked to the common stock of Valero Energy Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if Valero Energy stock closes above the initial share price on July 16, 2012, Oct. 16, 2012 or Jan. 16, 2013.
The payout at maturity will be par unless the final share price is less than the initial share price by more than 30%, in which case the payout will be a number of Valero Energy shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, a cash amount equal to the value of those shares.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Upside autocallable single observation reverse exchangeable notes
|
| Underlying stock: | Valero Energy Corp. (NYSE: VLO)
|
| Amount: | $2,396,000
|
| Maturity: | April 19, 2013
|
| Coupon: | 10%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless final share price is less than initial price by more than buffer amount, in which case 42.8082 Valero Energy shares or, at JPMorgan's option, cash amount equal to value of those shares
|
| Call: | Automatically at par if Valero Energy stock closes above initial share price on July 16, 2012, Oct. 16, 2012 or Jan. 16, 2013
|
| Initial share price: | $23.36
|
| Buffer amount: | $7.008, 30% of initial price
|
| Pricing date: | April 16
|
| Settlement date: | April 19
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 3.457%, including 2.956% for selling concessions
|
| Cusip: | 48125VUW8
|
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