By Jennifer Chiou
New York, March 28 - JPMorgan Chase & Co. priced $1.7 million of 11.58% upside autocallable reverse exchangeable notes due March 29, 2012 linked to the common stock of Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if Bank of America stock closes at or above the initial share price on June 24, Sept. 26, Dec. 23, 2011 or March 26, 2012.
The payout at maturity will be par unless Bank of America shares fall below 75% of the initial share price on any day during the life of the notes and finish below the initial price, in which case the payout will be a number of Bank of America 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 reverse exchangeable notes
|
| Underlying stock: | Bank of America Corp. (NYSE: BAC)
|
| Amount: | $1.7 million
|
| Maturity: | March 29, 2012
|
| Coupon: | 11.58%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If shares fall below 75% of initial share price during life of the notes and finish below initial price, Bank of America shares equal to $1,000 divided by the initial share price or equivalent in cash; otherwise, par
|
| Call: | Automatically at par if Bank of America stock closes at or above initial share price on June 24, Sept. 26, Dec. 23, 2011 or March 26, 2012
|
| Initial share price: | $13.48
|
| Pricing date: | March 24
|
| Settlement date: | March 29
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 48125XKR6
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
