Published on 11/21/2014 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1 million 12.4% autocallable reverse exchangeables tied to Twitter
By Toni Weeks
San Luis Obispo, Calif., Nov. 21 – JPMorgan Chase & Co. priced $1 million of 12.4% upside autocallable reverse exchangeable notes due Nov. 20, 2015 linked to the common stock of Twitter, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus accrued interest if Twitter stock closes at or above the stock strike price on either of six call dates.
If the notes are not called, the payout at maturity will be par in cash, unless Twitter stock ever closes below the stock strike price by more than 45% and finishes below the stock strike price, in which case investors will receive a number of Twitter shares equal to $1,000 divided by the stock strike price or, at JPMorgan’s option, the cash equivalent.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Upside autocallable reverse exhangeable notes
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| Underlying stock: | Twitter, Inc. (Symbol: TWTR)
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| Amount: | $1 million
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| Maturity: | Nov. 20, 2015
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| Coupon: | 12.4%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par in cash unless Twitter shares fall below 55% of the stock strike price during the life of the notes and finish below the stock strike price, in which case 24.70966 Twitter shares
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| Stock strike price: | $40.47, closing share price on Nov. 17
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| Buffer amount: | $18.2115, 45% of stock strike price
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| Call: | At par plus accrued interest on May 18, 2015, June 17, 2015, July 17, 2015, Aug. 17, 2015, Sept. 17, 2015 or Oct. 19, 2015 if closing price is equal to or greater than stock strike price
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| Pricing date: | Nov. 18
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| Settlement date: | Nov. 21
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1.5%, all for selling concessions
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| Cusip: | 48127DW61
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