By Marisa Wong
Madison, Wis., Aug. 6 - JPMorgan Chase & Co. priced $1.51 million of 0% quarterly review notes due Aug. 14, 2014 linked to a WTI crude oil futures contract, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annualized call premium of at least 13.75% if the futures contract price is greater than or equal to the call level on any quarterly review date. The call level is equal to the initial contract price for the first review date, 95% of the initial price for the second review date, 90% of the initial price for the third review date and 85% of the initial price for the final review date.
If the notes are not called, the payout at maturity will be par if the final contract price is at least 80% of the initial contract price. Otherwise, investors will lose 1% for every 1% drop below the initial price.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Quarterly review notes
|
| Underlying asset: | WTI crude oil futures contract
|
| Amount: | $1,505,000
|
| Maturity: | Aug. 14, 2014
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par if final contract price is at least 80% of initial contract price; otherwise, 1% loss for every 1% drop below initial price
|
| Call: | At par plus 13.75% per year if futures contract price is greater than or equal to call level on any quarterly review date; call level is equal to initial contract price for first review date, 95% of initial price for second review date, 90% of initial price for third review date and 85% of initial price for final review date
|
| Initial price: | $106.94
|
| Pricing date: | Aug. 2
|
| Settlement date: | Aug. 7
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 48126D6A2
|
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