Published on 12/10/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.5 million autocallable reverse exchangeables linked to four stocks
By Angela McDaniels
Tacoma, Wash., Dec. 10 – JPMorgan Chase & Co. priced $1.5 million of 9% autocallable reverse exchangeable notes due May 30, 2017 linked to the least performing of the stocks of American Express Co., International Business Machines Corp., Procter & Gamble Co. and Wal-Mart Stores, 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 its initial share price on Feb. 24, 2016, May 24, 2016, Aug. 24, 2016, Nov. 25, 2016 or Feb. 24, 2017.
If the notes are not called, the payout at maturity will be par unless the final share price of any stock is less than its trigger value, 70% of its initial share price, in which case the payout will be a number of shares of the least-performing stock equal to $1,000 divided by its initial share price or, at the issuer’s option, an amount in cash equal to the 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: | American Express Co. (Symbol: AXP), International Business Machines Corp. (Symbol: IBM), Procter & Gamble Co. (Symbol: PG) and Wal-Mart Stores, Inc. (Symbol: WMT)
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| Amount: | $1.5 million
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| Maturity: | May 30, 2017
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| Coupon: | 9%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless final share price of any stock is less than trigger value, in which case number of shares of least-performing stock equal to $1,000 divided by initial share price or, at issuer’s option, amount in cash equal to value of those shares
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| Call: | At par if each stock closes at or above initial share price on Feb. 24, 2016, May 24, 2016, Aug. 24, 2016, Nov. 25, 2016 or Feb. 24, 2017
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| Initial share prices: | $71.63 for American Express, $138.60 for IBM, $76.45 for Procter & Gamble and $59.92 for Wal-Mart
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| Trigger values: | $50.141 for American Express, $97.02 for IBM, $53.515 for Procter & Gamble and $41.944 for Wal-Mart; 70% of initial share prices
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| Pricing date: | Nov. 24
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| Settlement date: | Nov. 30
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.283%
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| Cusip: | 46625HPF1
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