Published on 1/18/2012 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $88,000 11% upside autocallable linked to Bank of America
By Angela McDaniels
Tacoma, Wash., Jan. 18 - JPMorgan Chase & Co. priced $88,000 of upside autocallable single observation reverse exchangeable notes due July 19, 2012 linked to the common stock of Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes have an interest rate of 11% per year. Interest is payable monthly.
The notes will be called at par if Bank of America stock closes above the initial share price on April 16, 2012.
The payout at maturity will be par unless the final share price is less than the initial share price by more than 35%, 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 single observation reverse exchangeable notes
|
| Underlying stock: | Bank of America Corp. (Symbol: BAC)
|
| Amount: | $88,000
|
| Maturity: | July 19, 2012
|
| Coupon: | 11%, 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 151.2859 Bank of America shares or, at JPMorgan's option, a cash amount equal to the value of those shares
|
| Call: | Automatically at par if Bank of America stock closes above initial share price on April 16, 2012
|
| Initial share price: | $6.61
|
| Buffer amount: | $2.3135, 35% of initial price
|
| Pricing date: | Jan. 13
|
| Settlement date: | Jan. 19
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 3.57%, including 2.535% for selling concessions
|
| Cusip: | 48125VHM5
|
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