Published on 12/17/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1.24 million contingent interest autocallables tied to three stocks
By Susanna Moon
Chicago, Dec. 17 – JPMorgan Chase & Co. priced $1.24 million of callable contingent interest notes due Dec. 19, 2016 linked to the worst performing of the common stocks of Bank of America Corp., Walt Disney Co. and Netflix, Inc., according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon of at an annual rate of 20.6% if each stock closes at or above its coupon barrier level, 60% of its initial level, on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial level on any review date other than the final review date.
The payout at maturity will be par unless any stock finishes below its 60% trigger level, in which case investors will be fully exposed to any losses of the worse performing stock.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Autocallable contingent interest notes
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| Underlyings: | Bank of America Corp. (BAC), Walt Disney Co. (DIS) and Netflix, Inc. (NFLX)
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| Amount: | $1,235,000
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| Maturity: | Dec. 19, 2016
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| Coupon: | 20.6%, payable quarterly if each stock closes at or above barrier level on review date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any stock ends below trigger level, in which case full exposure to any losses of worst performing stock
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| Call: | At par if each stock closes at or above its initial level on any review date other than the final review date
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| Initial levels: | $16.73 for Bank of America, $108.04 for Disney and $118.91 for Netflix
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| Barrier levels: | $10.038 for Bank of America, $64.824 for Disney and $71.346 for Netflix, 60% of initial levels
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| Pricing date: | Dec. 11
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| Settlement date: | Dec. 16
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1.25%
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| Cusip: | 48128GFL9
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